{"id":890,"date":"2026-10-22T13:47:00","date_gmt":"2026-10-22T02:47:00","guid":{"rendered":"https:\/\/nexiant.ai\/resources\/blogs\/?p=890"},"modified":"2026-10-27T10:53:55","modified_gmt":"2026-10-26T23:53:55","slug":"insights-mas-notice-626-transaction-monitoring-banks","status":"publish","type":"post","link":"https:\/\/nexiant.ai\/resources\/blogs\/insights-mas-notice-626-transaction-monitoring-banks\/","title":{"rendered":"How MAS Notice 626 Makes Transaction Monitoring a Group-Wide Control for Singapore Banks"},"content":{"rendered":"\n<style>\n  .nx-blog * { box-sizing: border-box; margin: 0; padding: 0; }\n  .nx-blog { font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, sans-serif; font-size: 16px; line-height: 1.75; color: #1a1a2e; max-width: 820px; margin: 0 auto; }\n  .nx-blog h2 { font-size: 1.55rem; font-weight: 700; color: #00184C; margin: 2.5rem 0 0.75rem; padding-bottom: 0.4rem; border-bottom: 3px solid #073EA1; }\n  .nx-blog h3 { font-size: 1.15rem; font-weight: 700; 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border-radius: 12px; padding: 2rem; text-align: center; margin-top: 2.5rem; }\n  .nx-cta h3 { color: #fff; font-size: 1.3rem; font-weight: 700; margin-bottom: 0.5rem; }\n  .nx-cta p { color: #AEC9FF; font-size: 0.95rem; margin-bottom: 1.25rem; }\n  .nx-cta a { display: inline-block; background: #E11A1A; color: #fff; font-weight: 700; font-size: 0.95rem; padding: 0.7rem 1.8rem; border-radius: 6px; text-decoration: none; transition: background 0.2s; }\n  .nx-cta a:hover { background: #A30000; }\n  .nx-divider { border: none; border-top: 1px solid #e0e7f5; margin: 2rem 0; }\n  .nx-disclaimer { font-size: 0.8rem; color: #888; font-style: italic; text-align: center; margin-top: 1.5rem; }\n\n  @media (max-width: 720px) {\n    .nx-flow { grid-template-columns: 1fr; }\n    .nx-flow-step::after { content: \"\u2193\"; right: 50%; top: auto; bottom: -18px; transform: translateX(50%); }\n    .nx-stack-layer { flex-direction: column; }\n  }\n<\/style>\n\n\n<div class=\"nx-blog\">\n\n  <!-- HERO -->\n  <div class=\"nx-hero\">\n    <span class=\"nx-tag\">Transaction Monitoring &nbsp;\u00b7&nbsp; October 2026 &nbsp;\u00b7&nbsp; Singapore<\/span>\n    <p class=\"nx-meta\">Notice 626 puts ongoing monitoring in paragraphs 6.19 to 6.26 and then reaches into COSMIC, group policy, records and audit, so monitoring has to work across a bank group.<\/p>\n  <\/div>\n\n  <!-- INTRODUCTION -->\n  <p><strong>MAS Notice 626 transaction monitoring<\/strong> requirements sit in a short run of paragraphs, and they are easy to underestimate. <a href=\"https:\/\/www.mas.gov.sg\/-\/media\/amld-amendments---30-june-2025\/mas-notice-626.pdf\" class=\"nx-inline-link\" target=\"_blank\" rel=\"noopener\">Notice 626<\/a> is issued under section 16 of the Financial Services and Markets Act 2022 and applies to all banks in Singapore. It took effect on 1 April 2024 and was last revised with effect from 1 July 2025.<\/p>\n  <p>Ongoing monitoring is in paragraphs 6.19 to 6.26. Beyond them, the Notice reaches into COSMIC, wire transfers, reliance on third parties, group policy, record keeping and audit, which is where monitoring stops being a system and becomes a control that has to work across a bank group.<\/p>\n  <p>One note on citations. Some industry guides place ongoing monitoring in paragraph 11 of the Notice. Paragraph 11 covers wire transfers. Ongoing monitoring is paragraph 6, Part (VI).<\/p>\n\n  <!-- TOP VISUAL -->\n  <div class=\"nx-media\">\n    <img decoding=\"async\"\n      src=\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' width='820' height='460' viewBox='0 0 820 460'%3E%3Cdefs%3E%3ClinearGradient id='bg' x1='0' y1='0' x2='1' y2='1'%3E%3Cstop offset='0' stop-color='%2300184C'\/%3E%3Cstop offset='1' stop-color='%23073EA1'\/%3E%3C\/linearGradient%3E%3C\/defs%3E%3Crect width='820' height='460' rx='22' fill='url(%23bg)'\/%3E%3Ctext x='410' y='70' text-anchor='middle' font-family='Arial, sans-serif' font-size='30' font-weight='700' fill='%23ffffff'%3ENotice 626 beyond one system%3C\/text%3E%3Crect x='86' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.92'\/%3E%3Crect x='328' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.88'\/%3E%3Crect x='570' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.84'\/%3E%3Crect x='207' y='272' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.86'\/%3E%3Crect x='449' y='272' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.90'\/%3E%3Ccircle cx='168' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='410' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='652' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='290' cy='302' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='531' cy='302' r='16' fill='%23073EA1'\/%3E%3Ctext x='168' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3EMonitor 6.19%3C\/text%3E%3Ctext x='410' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3EObserve 6.20%3C\/text%3E%3Ctext x='652' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3ECOSMIC input%3C\/text%3E%3Ctext x='290' y='338' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3EGroup sharing%3C\/text%3E%3Ctext x='531' y='338' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3ERecords, audit%3C\/text%3E%3Ctext x='410' y='410' text-anchor='middle' font-family='Arial, sans-serif' font-size='20' font-weight='600' fill='%23AEC9FF'%3EMonitoring as a group control%3C\/text%3E%3C\/svg%3E\"\n      alt=\"MAS Notice 626 transaction monitoring visual showing the path from ongoing monitoring and scrutiny under Notice 626 through COSMIC information and group information sharing to records and audit\"\n      loading=\"lazy\"\n      width=\"820\"\n      height=\"460\"\n    >\n    <p class=\"nx-caption\">Paragraphs 6.19 to 6.26 set the monitoring duties; COSMIC, group policy, records and audit then determine whether they hold across a group.<\/p>\n  <\/div>\n\n  <!-- QUICK ANSWER -->\n  <div class=\"nx-callout\">\n    <div class=\"nx-callout-title\">Quick answer<\/div>\n    <p>Notice 626 requires banks to monitor business relations on an ongoing basis, scrutinise transactions against their knowledge of the customer, pay special attention to complex, unusually large or unusual patterns, and run adequate systems and processes, commensurate with their size and complexity, to detect and report them (paragraphs 6.19 to 6.23).<\/p>\n  <\/div>\n\n  <h2 id=\"what-paragraphs-6-19-to-6-26-require\"><span class=\"ez-toc-section\" id=\"What_paragraphs_619_to_626_require\"><\/span>What paragraphs 6.19 to 6.26 require<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Paragraph 6.19 requires a bank to monitor its business relations with customers on an ongoing basis. Paragraph 6.20 asks it to observe the conduct of the customer\u2019s account and scrutinise transactions so that they stay consistent with the bank\u2019s knowledge of the customer, its business and risk profile and, where appropriate, the source of funds. Paragraph 6.21 requires special attention to complex, unusually large or unusual patterns of transactions that have no apparent or visible economic or lawful purpose.<\/p>\n  <p>Paragraph 6.22 sets the system requirement: adequate systems and processes, commensurate with the size and complexity of the bank, to monitor business relations and to detect and report suspicious, complex, unusually large or unusual patterns. Paragraph 6.23 requires the bank, to the extent possible, to inquire into the background and purpose of those transactions and document its findings. Paragraph 6.24 requires CDD information to be kept up to date through reviews, particularly for higher-risk customers. Paragraphs 6.25 and 6.26 cover customers a bank retains despite reasonable grounds for suspicion: the bank must document its reasons, apply commensurate risk mitigation including enhanced ongoing monitoring and, where it assesses higher risk, obtain senior management approval.<\/p>\n  <div class=\"nx-table-wrap\">\n    <table class=\"nx-table\">\n      <thead>\n        <tr><th>Paragraph<\/th><th>What it requires<\/th><th>Record to keep<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td><strong>6.19 to 6.20<\/strong><\/td>\n          <td>Monitor on an ongoing basis; scrutinise transactions against knowledge of the customer.<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">Profile<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>6.21<\/strong><\/td>\n          <td>Special attention to complex, unusually large or unusual patterns.<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">Scenarios<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>6.22<\/strong><\/td>\n          <td>Adequate systems and processes, commensurate with size and complexity.<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">Systems<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>6.23<\/strong><\/td>\n          <td>Inquire into background and purpose; document findings.<\/td>\n          <td><span class=\"nx-badge nx-badge--red\">Findings<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>6.24<\/strong><\/td>\n          <td>Keep CDD information up to date, especially for higher-risk customers.<\/td>\n          <td><span class=\"nx-badge nx-badge--red\">Reviews<\/span><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2 id=\"how-cosmic-enters-the-monitoring-decisions\"><span class=\"ez-toc-section\" id=\"How_COSMIC_enters_the_monitoring_decisions\"><\/span>How COSMIC enters the monitoring decisions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Notice 626 builds COSMIC into monitoring. A bank participating in COSMIC that receives information about a customer, its business, risk profile or source of funds must treat that information as part of its knowledge of the customer (paragraph 6.20). It must take information received through COSMIC into account when deciding whether transactions are complex, unusually large or part of an unusual pattern (6.21), when determining whether a customer is a politically exposed person or a family member or close associate of one (8.2), and when assessing whether a customer presents a higher risk (8.5).<\/p>\n  <p>The Notice also keeps the COSMIC platform screening list separate. Paragraph 6.43(b) excludes it from the lists and information provided by MAS and other authorities for screening purposes. In practice, a bank needs to be able to show where COSMIC information entered each of those four decisions, and where it did not.<\/p>\n  <div class=\"nx-grid\">\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M10 1L3 5v6c0 4.25 3 8.22 7 9 4-.78 7-4.75 7-9V5l-7-4zm0 2.18l5 2.78V11c0 3.13-2.18 6.07-5 6.93C7.18 17.07 5 14.13 5 11V5.96l5-2.78z\"\/><\/svg><\/div>\n      <h4>Knowledge of the customer<\/h4>\n      <p>Paragraph 6.20: COSMIC information becomes part of what the bank knows.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M3 3h14v2H3zm0 4h14v2H3zm0 4h10v2H3zm0 4h7v2H3z\"\/><\/svg><\/div>\n      <h4>Unusual patterns<\/h4>\n      <p>Paragraph 6.21: taken into account when judging complex or unusual transactions.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M10 2a8 8 0 100 16A8 8 0 0010 2zm1 11H9V9h2v4zm0-6H9V5h2v2z\"\/><\/svg><\/div>\n      <h4>PEP determination<\/h4>\n      <p>Paragraph 8.2: taken into account when identifying PEPs, family members and close associates.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M13 6a3 3 0 11-6 0 3 3 0 016 0zm5 10a7 7 0 00-14 0h14z\"\/><\/svg><\/div>\n      <h4>Higher-risk assessment<\/h4>\n      <p>Paragraph 8.5: taken into account when assessing whether a customer is higher risk.<\/p>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"reliance-on-third-parties-and-group-policy\"><span class=\"ez-toc-section\" id=\"Reliance_on_third_parties_and_group_policy\"><\/span>Reliance on third parties and group policy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Paragraph 9.3 states that no bank shall rely on a third party to conduct ongoing monitoring of business relations with customers, and paragraph 9.5 confirms that a bank remains responsible for its AML\/CFT obligations even where reliance is permitted for other measures. Banks that run alert review from a regional hub should be clear which accountability stays with the bank.<\/p>\n  <p>For a bank incorporated in Singapore, paragraph 15.4 requires a group AML\/CFT policy that meets all requirements of the Notice and extends to branches and subsidiaries in its financial group. Paragraph 15.7 requires group-level compliance, audit and AML\/CFT functions to receive customer, account and transaction information from branches and subsidiaries when needed for risk management, and paragraph 15.7A adds that the information to be shared includes any information and analysis of transactions or activities that appear unusual. Where host-country requirements differ, paragraph 15.8 requires overseas branches and subsidiaries to apply the higher of the two standards, to the extent local law permits.<\/p>\n  <div class=\"nx-stack\">\n    <div class=\"nx-stack-layer\">\n      <div class=\"nx-stack-icon\">01<\/div>\n      <div>\n        <h4>Group policy<\/h4>\n        <p>Paragraph 15.4: one group AML\/CFT policy that meets the Notice.<\/p>\n      <\/div>\n    <\/div>\n    <div class=\"nx-stack-layer\">\n      <div class=\"nx-stack-icon\">02<\/div>\n      <div>\n        <h4>Information to group functions<\/h4>\n        <p>Paragraph 15.7: customer, account and transaction information flows to group-level functions.<\/p>\n      <\/div>\n    <\/div>\n    <div class=\"nx-stack-layer\">\n      <div class=\"nx-stack-icon\">03<\/div>\n      <div>\n        <h4>Unusual-activity analysis<\/h4>\n        <p>Paragraph 15.7A: shared information includes analysis of unusual transactions or activities.<\/p>\n      <\/div>\n    <\/div>\n    <div class=\"nx-stack-layer\">\n      <div class=\"nx-stack-icon\">04<\/div>\n      <div>\n        <h4>Higher standard applies<\/h4>\n        <p>Paragraph 15.8: the higher of host-country and Singapore standards, where local law permits.<\/p>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"records-audit-and-wire-transfers\"><span class=\"ez-toc-section\" id=\"Records_audit_and_wire_transfers\"><\/span>Records, audit and wire transfers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Paragraph 12.2 requires records to be kept so that any individual transaction can be reconstructed, so that MAS and the bank\u2019s internal and external auditors can review business relations, transactions and CDD information and assess compliance, and so that enquiries from authorities can be answered within a reasonable time. Paragraph 12.3 sets a minimum retention of five years following termination of the business relations or completion of the transaction. Paragraph 15.12 requires an adequately resourced, independent audit function able to assess regularly the effectiveness of the bank\u2019s internal policies, procedures and controls.<\/p>\n  <p>For wire transfers, paragraph 11.10 asks beneficiary institutions to take reasonable measures, including post-event monitoring or real-time monitoring where feasible, to identify cross-border wire transfers that lack the required originator or beneficiary information. Paragraph 11A.12 says the same for value transfers.<\/p>\n  <div class=\"nx-callout\">\n    <div class=\"nx-callout-title\">Real time in Notice 626<\/div>\n    <p>The Notice mentions real-time monitoring only for beneficiary institutions identifying wire and value transfers that lack required information, and only where feasible (paragraphs 11.10 and 11A.12).<\/p>\n  <\/div>\n\n  <h2 id=\"four-checks-before-the-next-audit-or-mas-inspection\"><span class=\"ez-toc-section\" id=\"Four_checks_before_the_next_audit_or_MAS_inspection\"><\/span>Four checks before the next audit or MAS inspection<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The Notice rewards banks that can show how a signal moved through the programme. Four checks help.<\/p>\n  <div class=\"nx-obligations\">\n    <div class=\"nx-obl-item\">\n      <h4>Trace COSMIC information<\/h4>\n      <p>Show where information received through COSMIC entered decisions under paragraphs 6.20, 6.21, 8.2 and 8.5.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Show the paragraph 6.23 file<\/h4>\n      <p>Check that inquiries into unusual transactions leave a documented finding.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Test group information flow<\/h4>\n      <p>Confirm group functions receive analysis of unusual transactions under paragraph 15.7A.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Confirm accountability where work is shared<\/h4>\n      <p>Where alert review sits in a hub, confirm what the bank retains under paragraph 9.3.<\/p>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"how-nexiant-supports-group-wide-monitoring\"><span class=\"ez-toc-section\" id=\"How_Nexiant_supports_group-wide_monitoring\"><\/span>How Nexiant supports group-wide monitoring<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>FraudShield, Nexiant\u2019s specialist transaction-monitoring brand, is built around real-time detection, configurable rule logic and case-management workflows. For a Singapore bank group reading paragraphs 6.22, 12.2 and 15.7A together, the tests for any monitoring capability are whether findings under paragraph 6.23 are documented in one place, whether COSMIC information can be traced into the decisions in paragraphs 6.20 to 8.5, and whether unusual-activity analysis can reach group functions without manual reconstruction.<\/p>\n\n\n  <hr class=\"nx-divider\">\n\n  <h2 id=\"frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n  <!-- FAQ -->\n  <div class=\"nx-faq\">\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">What does MAS Notice 626 require for ongoing monitoring?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">Paragraphs 6.19 to 6.23 require banks to monitor business relations on an ongoing basis, scrutinise transactions against their knowledge of the customer, pay special attention to complex, unusually large or unusual patterns, run adequate systems and processes commensurate with their size and complexity, and inquire into and document the background and purpose of unusual transactions.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">Does Notice 626 require real-time transaction monitoring?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">Not for transaction monitoring generally. Real-time monitoring is mentioned only where feasible, for beneficiary institutions identifying wire and value transfers that lack required information (paragraphs 11.10 and 11A.12). Paragraph 6.22 asks for systems and processes commensurate with the size and complexity of the bank.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">Is ongoing monitoring in paragraph 11 of Notice 626?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">No. Paragraph 11 covers wire transfers. Ongoing monitoring is in paragraph 6, Part (VI), at paragraphs 6.19 to 6.26.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">When did the current version of Notice 626 take effect?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">Notice 626 was issued on 28 March 2024 and took effect on 1 April 2024. The MAS website lists 30 June 2025 as the latest revision date, with the revised Notice taking effect on 1 July 2025.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">Can a bank rely on a third party for ongoing monitoring?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">No. Paragraph 9.3 states that no bank shall rely on a third party to conduct ongoing monitoring of business relations with customers, and paragraph 9.5 says the bank remains responsible for its AML\/CFT obligations.<\/div>\n    <\/div>\n  <\/div>\n\n  <!-- CTA -->\n  <div class=\"nx-cta\">\n    <h3>Run monitoring as a group-wide control<\/h3>\n    <p>Speak with a Nexiant expert about monitoring across your Singapore and regional entities, or explore FraudShield\u2019s case-management and rule-configuration capability.<\/p>\n    <a href=\"https:\/\/nexiant.ai\/contact-us\/\">Speak with an expert<\/a>\n  <\/div>\n\n  <p class=\"nx-disclaimer\">This article was accurate at the time of publication in October 2026 and is intended for general informational purposes only. It does not constitute legal, regulatory or compliance advice. Organisations should seek qualified professional guidance in relation to their specific obligations.<\/p>\n\n<\/div>\n\n<script>\n  document.querySelectorAll('.nx-faq-q').forEach(function(btn) {\n    btn.addEventListener('click', function() {\n      var expanded = this.getAttribute('aria-expanded') === 'true';\n      this.setAttribute('aria-expanded', !expanded);\n      this.nextElementSibling.classList.toggle('open', !expanded);\n    });\n  });\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What does MAS Notice 626 require for ongoing monitoring?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Paragraphs 6.19 to 6.23 require banks to monitor business relations on an ongoing basis, scrutinise transactions against their knowledge of the customer, pay special attention to complex, unusually large or unusual patterns, run adequate systems and processes commensurate with their size and complexity, and inquire into and document the background and purpose of unusual transactions.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Does Notice 626 require real-time transaction monitoring?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Not for transaction monitoring generally. 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The MAS website lists 30 June 2025 as the latest revision date, with the revised Notice taking effect on 1 July 2025.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Can a bank rely on a third party for ongoing monitoring?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"No. Paragraph 9.3 states that no bank shall rely on a third party to conduct ongoing monitoring of business relations with customers, and paragraph 9.5 says the bank remains responsible for its AML\/CFT obligations.\"\n      }\n    }\n  ]\n}\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Transaction Monitoring &nbsp;\u00b7&nbsp; October 2026 &nbsp;\u00b7&nbsp; Singapore Notice 626 puts ongoing monitoring in paragraphs 6.19 to 6.26 and then reaches into COSMIC, group policy, records and audit, so monitoring has to work across a bank group. MAS Notice 626 transaction monitoring requirements sit in a short run of paragraphs, and they are easy to underestimate. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":891,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_aioseo_title":"MAS Notice 626 Transaction Monitoring for Banks | Nexiant","_aioseo_description":"What MAS Notice 626 says about ongoing monitoring, COSMIC information, group policy, and records, and what it means for Singapore bank groups.","om_disable_all_campaigns":false,"footnotes":""},"categories":[62],"tags":[18,38],"class_list":["post-890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore","tag-aml","tag-transaction-monitoring"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"What MAS Notice 626 says about ongoing monitoring, COSMIC information, group policy, and records, and what it means for Singapore bank groups.\" \/>\n\t<meta name=\"robots\" content=\"max-snippet:-1, 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