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.