Anti Money Laundering Declaration Form

Anti Money Laundering Declaration Form Template for Singapore

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Key Requirements PROMPT example:

"I need an Anti Money Laundering Declaration Form for a Singapore-based fintech startup that will be opening multiple bank accounts in January 2025, ensuring compliance with both traditional banking and digital payment service requirements."

Document background

The Anti Money Laundering Declaration Form is a critical compliance document required under Singapore's stringent AML/CFT regulatory framework. It is typically used when establishing new business relationships, conducting significant transactions, or updating customer information for regulatory compliance purposes. The form captures essential information about the declaring party's identity, source of funds, beneficial ownership structure, and compliance with relevant AML regulations. It helps regulated entities in Singapore meet their obligations under the Monetary Authority of Singapore (MAS) guidelines and the Corruption, Drug Trafficking and Other Serious Crimes Act.

Suggested Sections

1. Personal Information: Basic identification details including full name, date of birth, nationality, residential address, and identification numbers

2. Business Information: Details of business entity including registration number, business nature, corporate structure, and principal business activities

3. Source of Funds Declaration: Declaration section detailing the origin of funds and wealth, including regular income sources and investment sources

4. Beneficial Ownership Declaration: Information about ultimate beneficial owners holding 25% or more ownership/control, including their personal details

5. Regulatory Compliance Statement: Formal declarations regarding compliance with AML regulations, including criminal record declarations and sanctions compliance

Optional Sections

1. PEP Declaration: Declaration of Politically Exposed Person status, including relationships with PEPs and source of political exposure

2. Tax Residency Declaration: FATCA/CRS related declarations including tax identification numbers and residency status for tax purposes

3. Enhanced Due Diligence Information: Additional information required for high-risk customers or transactions, including detailed business relationship purpose

Suggested Schedules

1. Schedule A - Required Identification Documents: List and copies of required identification documents including passport, business registration, and proof of address

2. Schedule B - Corporate Structure Chart: Detailed ownership and control structure diagram for corporate entities showing all layers of ownership

3. Schedule C - Supporting Documents Checklist: Comprehensive checklist of all required supporting documents and verification items

4. Schedule D - Sanctions Screening Declaration: Declaration regarding screening against international sanctions lists and results

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Finance
Insurance
Real Estate
Legal Services
Corporate Services

Relevant Teams

Compliance
Legal
Risk Management
Operations
Customer Service

Relevant Roles

Compliance Officer
Money Laundering Reporting Officer
Risk Manager
Relationship Manager
Company Secretary

Industries

CDSA: Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act - Primary legislation in Singapore governing money laundering offenses and confiscation of proceeds from crime

TSOFA: Terrorism (Suppression of Financing) Act - Key legislation addressing terrorism financing in Singapore

MAS Act: Monetary Authority of Singapore Act - Establishes MAS's regulatory authority and enforcement powers in financial sector supervision

MAS Notice 626: Regulatory notice issued by MAS specifically for banks on prevention of money laundering and terrorism financing

MAS Notice 314: Regulatory notice issued by MAS specifically for direct life insurers on AML/CFT measures

MAS Guidelines to Notice 626: Detailed guidelines providing interpretation and additional guidance on implementing AML/CFT measures for banks

FATF RecommeNDAtions: International standards set by the Financial Action Task Force for combating money laundering and terrorism financing

Wolfsberg Principles: Global standards developed by the Wolfsberg Group for anti-money laundering, know your customer and counter terrorist financing policies

Customer Due Diligence: Requirements for identifying and verifying the identity of customers, including enhanced due diligence for higher-risk customers

KYC Procedures: Know Your Customer procedures for gathering and verifying customer information and understanding their business relationship

Beneficial Ownership: Requirements for identifying and verifying the ultimate beneficial owners of legal entities and arrangements

Source of Funds/Wealth: Declaration requirements for the origin and means of acquisition of funds or assets involved in business relationships

PEP Status: Requirements for identifying and handling relationships with Politically Exposed Persons who present higher money laundering risks

Sanctions Compliance: Requirements to comply with international and domestic sanctions regimes and screening obligations

FATCA/CRS Compliance: Requirements related to Foreign Account Tax Compliance Act and Common Reporting Standard for tax information exchange

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Authors

Alex Denne

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