Singapore AML overhaul: What FIs must do now

The Monetary Authority of Singapore (MAS) is introducing key updates to its AML/CFT framework, effective 30 June 2025. These changes will impact a wide range of financial institutions and VCCs, including banks, insurers, trust companies, and digital asset providers.

Napier AI, a fast, scalable and easily configurable RegTech platform for AML and compliance, recently explored the four key changes to the Monetary Authority of Singapore’s regulatory expectations to AML/CFT.

One of the most notable changes is the mandatory inclusion of proliferation financing risks in money laundering assessments. MAS will also require trust companies to identify a broader group of relevant parties, such as protectors and potential beneficiaries, to strengthen transparency around ultimate beneficial ownership (UBO).

Suspicious transaction report (STR) timelines have been clarified—reports must now be submitted within five business days of forming suspicion, and within one day for cases involving sanctions. Meanwhile, institutions are expected to improve screening processes by using native-language searches and verifying the source of wealth and funds for high-risk clients.

With these rising expectations, firms are turning to RegTech solutions like Napier AI’s client screening engine, which offers fuzzy name matching across 25+ languages. Its multi-screening setup also enables firms to adapt to evolving risk appetites and streamline compliance operations.

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