The Monetary Authority of Singapore’s Notice 626 — titled “Prevention of Money Laundering and Countering the Financing of Terrorism – Banks” — sets a clear expectation for banks and financial institutions operating in Singapore: put in place robust controls to detect and deter the flow of illicit funds.
At its core, the notice is about strengthening anti-money laundering (AML) and countering the financing of terrorism (CFT) measures. Financial institutions are required to adopt controls that identify suspicious activity and stop illicit funds from moving through Singapore’s financial channels. The guidance underscores the regulator’s focus on prevention, early detection and deterrence.
For banks, the message is straightforward: compliance with Notice 626 is not optional. The notice formalises the requirements around AML/CFT and signals that institutions must maintain effective systems and processes to manage these risks.
While the notice is directed at banks, its broader implication is clear — safeguarding the integrity of financial flows in Singapore depends on vigilant, well‑implemented controls across the industry. Notice 626 therefore represents a significant touchstone for financial-sector compliance and risk management in Singapore.
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