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Chap 6: MAS Notices Pt 2 - Coggle Diagram
Chap 6: MAS Notices Pt 2
Notice 6
Risk Assessment
Customer Due Diligence
Identification of customer
Identification of Beneficialowner
Establishing business relations with customers before completing verification
What does FATF stand for?
For PEP
Done when
Business relations first
established with customer
Suspicion of ML or TF
FA doubts reliability of
previous info provided
Simplified CDD
Regarding prevention of money laundering and terrorism financing
Suspicious Transactions Reporting
Establish
single reference point
within organisation
Keep records of all transactions
referred to STRO
Consideration for filing
FA unable to complete CDD
Customer reluctant or unwilling
to provide information
Withdraws pending application
or
terminate
existing business relations
Notice 17
Form F1
submitted in
5 working days
regarding reporting suspicious activities or fraud
Notice 18
Process & Identify critical systems
High availability for critical systems
(max ≤ 4hrs every year)
Recovery Time Objective (RTO)
(
less than 4 hrs
)
Alert MAS within 1 hr
Root cause analysis within 14 days
Notice 19
Regarding distribution of direct purchase insurance products
Can only be distributed by Tier 1 life insurer