Cablegate: Comments Sought for Aml/Cft Guidelines

VZCZCXYZ0000
RR RUEHWEB

DE RUEHGP #2749 2422325
ZNR UUUUU ZZH
R 302325Z AUG 06
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 1036
INFO RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEAWJA/DEPT OF JUSTICE WASHDC

UNCLAS SINGAPORE 002749

SIPDIS

SIPDIS

E.O. 12958: N/A
TAGS: EFIN ETTC KTFN ECON EINV ETRD SN
SUBJECT: COMMENTS SOUGHT FOR AML/CFT GUIDELINES

REFS: HOROWITZ-DEGARABEDIAN EMAILS

1. The Monetary Authority of Singapore (MAS) recently
released for public comment draft guidelines for banks
and other financial institutions concerning anti-money
laundering and countering the financing of terrorism
(AML/CFT). These guidelines supplement amended
regulations (or "Notices") released for public comment
earlier this month (reftels), which are designed to
bring Singapore's AML/CFT regulations better into
alignment with Financial Action Task Force
recommendations.

2. The draft guidelines provide more detailed customer
due diligence procedures, including for politically
exposed persons, and reporting requirements for cross-
border wire transfers and suspicious transactions. In
addition to banks, the regulations and guidelines apply
to moneylenders, insurance companies, finance
companies, merchant banks, financial advisers, capital
market institutions, approved trustees, and trust
companies.

3. The closing date for submission of comments on the draft
guidelines is September 27, 2006. The comment period for
draft regulations ends September 4. Guidelines can be
viewed at:

Comments may be submitted as follows:

email: aml@mas.gov.sg

mail:

AML/CFT Policy Unit
External Department
Monetary Authority of Singapore
10 Shenton Way
MAS Building
Singapore 079117

HERBOLD

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