The Monetary Authority of Singapore has outlined the establishment of the sources of wealth of customers and their beneficial owners through the publication of Circular No. AMLD 08/2024 (the “Circular”).
The Circular is intended to provide further guidance to financial institutions in the wealth management sector on the establishment of their customers’ sources of wealth before business relations with customers can be established.
If you have any questions or need specific legal advice, please do not hesitate to reach out to our team.
