The Monetary Authority of Singapore has issued a circular reminding financial institutions to exercise anti-money laundering (AML) vigilance in the wealth management sector, especially private fund management, trust arrangements, insurance wrappers and family offices. Separately, from 28 June 2023, property developers in the jurisdiction will be required to perform appropriate customer due-diligence checks on new and existing property purchasers, submit a suspicious transaction report where there are concerns and keep all customer documents and information for five years.

News Source：【K&L Gates 2023/03/16】