Singapore

MAS Notice 626 is a mandatory and legally binding regulatory notice from the Monetary Authority of Singapore (MAS) which requires all licensed banks in Singapore to have a complete risk-based framework for compliance with AML/CFT requirements. Under the Financial Services and Markets Act 2022, the structure of Notice 626 came into effect on 1st April 2024, and it replaced the previous 2015 baseline completely to set clear operational limits, such as the requirement for CDD process verification within 30 days post-onboarding and account closure within 120 days in case of non-compliance. This notice 626 underwent a significant amendment on 1st July 2025 that not only introduced PF detection alongside money laundering indicators but also established secure data-sharing processes through Singapore's centralized COSMIC platform. By imposing stringent rules about risk assessment, beneficial owner verification, and independent internal governance, MAS Notice 626 becomes an important compliance regulation aimed at safeguarding Singapore's banking system from international financial crimes and malpractices.