Proposed changes to MAS notices on prevention of money laundering and terrorism financing in relation to the Personal Data Protection Act

01 Jul 2014

This update discusses a proposed amendment to MAS notices on prevention of money laundering and countering the financing of terrorism (“ML/CFT Notices”). This proposed amendment seeks to clarify how the obligations of financial institutions relating to customer due diligence under the ML/CFT Notices would interact with the obligations of financial institutions in respect customer personal data under the upcoming Personal Data Protection Act.

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