MAS 626 Regulatory Information

The Monetary Authority of Singapore ("MAS") has revised its Notice to Banks No. 626 on Prevention of Money Laundering and Countering the Financing of Terrorism. All banks in Singapore are required to comply with the revised provisions.

Account Opening - Details of Beneficial Owners

Pursuant to the revised provisions, effective 1st March 2007, Citibank Singapore Limited ("the Bank") will be required to obtain from all new accountholders personal documents that reflect information such as full name, identification number, residential address, date of birth and place of birth. Where accounts are opened in-trust-for another person, the Bank would also be required to obtain the abovementioned personal documents relating to the beneficial owner of the account

Wire Transfers

Effective 1st July 2007, the revised MAS Notice 626 on Wire Transfers require Banks in Singapore to include additional information in the wire transfer payment instructions.

If you are remitting/transferring monies exceeding S$2,000 overseas, Citibank Singapore Limited will be required to provide the following complete originator's information to the receiving bank, ie:

  1. the name of the remitter;
  2. the remitter's account number; and
  3. the remitter's address (or unique identification numbers or date and place of birth).

Terms and Conditions for Application for Funds Transfer have been revised with immediate effect to comply with MAS Notice 626 on Wire Transfers.

In addition, if you are receiving an inward wire transfer for credit into your account, the revised Notice also requires Banks in Singapore to obtain the complete originator information from the remitting bank. There may be a delay in crediting such funds to your account if the remitting bank had not provided the complete originator information.

We thank you in advance for your assistance. Should you have any questions or require more information about these new regulatory requirements, please contact our 24-Hour CitiPhone at (65) 6225 5225 or (65) 6224-5757 (for International Personal Bank Clients).

Regulatory Information

With effect November 30 2015, MAS notice 626 will require Banks operating in Singapore to include in the message or payment instruction accompanying any overseas wire transfer of over S$1,500 specific information relating to the originator (originator's information).

It also requires banks to adopt procedures for identifying and handling in-coming wire transfers that are not accompanied by this information.

These requirements have come about as part of the Financial Action Task Force (FATF) on Money Laundering Recommendations.

FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. These regulations have been adopted by many banks worldwide.

If you are sending below or equal to S$1,500 overseas, Citibank Singapore ("Citibank") will be required to provide the following information:

  • the name of the remitter and beneficiary;
  • the account number of the remitter and beneficiary;

If you are sending more than S$1,500 overseas, Citibank Singapore ("Citibank") will be required to provide the following information.:

  • the name of the remitter and beneficiary;
  • the account number of the remitter and beneficiary;
  • In additional the bank is also required to provide the following information on the originator:
  • the remitter's residential/registered or business address
  • the remitter’s unique identification number (or date and place of birth);

For individuals, the hold mail address will be replaced with the IC / Passport Number. For businesses, the hold mail address will be replaced with the company registration number.

For incoming transactions, Citibank will require all of the originator’s information to be provided by the remitting bank. Should the originator's information not be present, Citibank will follow up with the remitting bank for the required originator information within 3 working days.

If the information is not provided by the 10th working day, the funds may have to be returned.

These requirements will be effective from 30 November 2015.

Citibank customers will not have to provide any additional information as Citibank will provide the necessary information from our records. However, should any of your particulars change, you should contact the bank to update your particulars.

Should you have further queries with regards to the MAS notice 626, please contact your Relationship Manager or our 24-Hour CitiPhone Banking at 62255225 or (65) 6224-5757 (for International Personal Bank Clients).

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