The Monetary Authority of Singapore (MAS) has issued a consultation paper seeking views on proposals to issue a new AML/CFT Notice for Financial Institutions (FIs) engaged in activities involving precious stones, precious metals and precious products. The consultation proposes to update MAS’ existing AML/CFT Notices for FIs and VCCs (variable capital companies) to ensure that the requirements continue to be effective in mitigating and managing evolving money laundering/terrorism financing risks in Singapore’s financial sector. Financial Institutions with operations in Singapore should take the time to read the proposal and provide comment.

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