All provisions · AML/CFT Act (Cap. 251) · Part Vii: Supervision and enforcement of compliance
56 Written memorandum of understanding amongst supervisory authorities
(1) For the purposes of the effective supervision of reporting entities, all the supervisory authorities shall enter into a written memorandum of understanding amongst themselves.
(2) The memorandum of understanding shall provide for—
(a) the sharing of information, including the types of information to be provided by each supervisory authority to the other and measures to protect the confidentiality of the information, including the access to the specified persons or incumbents of specified positions;
(b) co-operation between the supervisory authorities and assistance to each other in the exercise of their respective powers and performance of their respective duties under this Act;
(c) dispute resolution mechanism;
(d) elements to be considered for the purpose of supervision under this Act; and
(e) any other matters as may be prescribed.
(2) The memorandum of understanding shall provide for—
(a) the sharing of information, including the types of information to be provided by each supervisory authority to the other and measures to protect the confidentiality of the information, including the access to the specified persons or incumbents of specified positions;
(b) co-operation between the supervisory authorities and assistance to each other in the exercise of their respective powers and performance of their respective duties under this Act;
(c) dispute resolution mechanism;
(d) elements to be considered for the purpose of supervision under this Act; and
(e) any other matters as may be prescribed.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
