Author: admin

16 July 2025

On 30 June 2025 and 1 July 2025, the Monetary Authority of Singapore (“MAS”) published revised anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices (“Notices”) and guidelines to the Notices (“Guidelines”) for financial institutions (“FIs”) and variable capital companies (“VCCs”). The revised Notices and Guidelines took effect on 1 July 2025.

The changes to the Notices and Guidelines apply across the financial sector – including banks, merchant banks, finance companies, payment service providers, direct life insurers and other insurers, capital markets intermediaries, financial advisers, the central depository, approved exchanges and recognised market operators, approved trustees, trust companies, non-bank credit and charge card licensees, and digital token service providers – and to VCCs.

The changes arise from MAS’ regular review of its AML/CFT framework, aimed at ensuring that its supervision of FIs and VCCs takes into account the latest money laundering (“ML”), terrorism financing (“TF”), and proliferation financing (“PF”) developments, including Financial Action Task Force (“FATF”) and international standards. MAS sought feedback on a draft version of the changes in a consultation paper published on 8 April 2025 and published its response to feedback received (“Response”) on 30 June 2025.

Inclusion of PF in ML, and PF risk assessments in ML/TF risk assessments

The FATF Standards require FIs and designated non-financial businesses and professions to identify, assess, understand, and mitigate their PF risks. To ensure the Notices are updated and in line with the revised FATF Standards, MAS has amended the Notices to clarify that ML includes PF, and thus that ML risks include PF risks, such that the requirement for FIs and VCCs to carry out ML/TF risk assessments includes PF risk assessments. While positioned as an amendment to the Notice, this requirement should not in substance be something new or unfamiliar to FIs and VCCs.

In the Response, MAS stated that PF risk assessments can be carried out on a standalone basis or as part of the ML/TF risk assessments that FIs and VCCs are already conducting, and that PF risk assessments should be done as soon as possible if they are not already being carried out.

For guidance on PF risk assessment, MAS refers FI and VCCs to the AML/CFT Industry Partnership (ACIP) Best Practice Paper, Countering Proliferation Financing – Industry Perspectives on Best Practices (“Best Practice Paper”), which was published in March 2025. This paper contains PF typologies, risk indicators, and risk mitigation measures, provides guidance on how to conduct PF risk assessments, and includes sector-specific guidance. FIs and VCCs may refer to documents such as the Best Practice Paper for guidance on PF risk assessments, as well as reports published by international bodies such as the United Nations Security Council and the FATF.

Amendments to MAS Notice TCA-N03

Amendments have been made to MAS Notice TCA-N03 on Prevention of Money Laundering and Countering the Financing of Terrorism – Trust Companies (“TCA-N03”) including to:

• expand the definition of “trust relevant party” in paragraph 2.1 of TCA-N03 to include:
  • a “protector”, a “class of beneficiaries”, and an “object of a power”; and
  • “any other persons with the power under the legal arrangement instrument or by law” to, for example, deal with the property under the legal arrangement or vary the legal arrangement;
• specify the following additional information in respect of the trust relevant parties of a legal arrangement which trust companies are required to obtain and hold:
  • information on the identity of the protector;
  • information on the identity of the class of beneficiaries and object of a power; and
  • information on the identity of any other natural person(s) exercising ultimate effective control over the trust relevant party;
• set out that the coverage of paragraphs 6.14 to 6.16 of TCA-N03 (relating to the identification and verification of identity of effective controller) applies to all trust relevant parties of a trust or other similar arrangement; and
• specify the collection of certain information of the legal arrangement (e.g. the full name, unique identifier such as a tax identification number or its equivalent, the trust deed (or its equivalent) and purpose for which the legal arrangement was set up, and the place where the legal arrangement is administered).

Amendments to Guidelines to clarify timelines for filing of STRs

Under the Notices, FIs and VCCs are required to ensure that suspicious transaction reports (“STRs”) are filed with the Suspicious Transaction Reporting Office promptly. MAS has clarified in the Guidelines that the filing of an STR should not exceed five business days after suspicion was first established, unless the circumstances are exceptional or extraordinary. In cases involving sanctioned parties and parties acting on behalf of or under the direction of sanctioned parties, FIs and VCCs should file the STRs as soon as possible, and no later than one business day after suspicion was first established.

Many respondents sought clarification on the amendment to the STR filing timelines, in particular, whether the timelines include the time required by an FI or VCC to conduct investigations. MAS has clarified that “establishment of suspicion” refers to the point in time when an FI or VCC concludes that the filing of an STR is warranted based on available information, the circumstances, and its investigations. As indicated in the consultation paper, this is aligned with the definition of “date of detection” in the revised STR template and is not intended to impact the timelines for fact-finding and investigations. On that basis, the amendment should not have an effect on the quality or number of STRs filed.

MAS has also set out in the Guidelines the need for FIs and VCCs to ensure that there are processes in place for them to:

• identify and prioritise the review of concerns of higher ML/TF risks;
• ensure that such concerns of higher ML/TF risks are reviewed promptly; and
• require any such concerns of higher ML/TF risks that cannot be reviewed promptly to be escalated to senior management, or a similar oversight body, for the application of appropriate ML/TF risk mitigation measures.

Reference materials

The Response is available from the MAS website www.mas.gov.sg.

Infosys (NSE, BSE, NYSE: INFY), a global leader in digital services and consulting, has announced a collaboration with Melbourne Archdiocese Catholic Schools (MACS) to drive an ambitious digital transformation initiative. This engagement showcases Infosys’ strong capabilities in implementing managed services in the education sector.

As part of the initiative, Infosys will deploy a suite of enterprise platforms, including SAP S/4HANA Cloud, SAP SuccessFactors, and other advanced solutions like identity and access management and master data management. These integrations aim to move MACS’ core ERP systems to the cloud and streamline its operations across its network of about 300 schools, enhancing efficiency, user experience, and scalability for future innovations.

The program offers a unified digital workspace with personalized, role-based access, enabling enhanced collaboration through team-based communities and streamlined communication. It improves master data management for accurate, real-time access and provides scalable infrastructure to support future generative AI applications aligned with MACS’ strategic vision.

This collaboration sets a new standard for large-scale, AI-driven ERP modernization in education. By managing end-to-end digital services, Infosys enables MACS to prioritize educational outcomes while ensuring operational excellence and future-ready platform capabilities.

Dr Edward Simons, Executive Director, Melbourne Archdiocese Catholic Schools, said: “Good education runs on more than just passion; it runs on systems that work effectively. Getting digital system foundations right is complex detailed work, and it requires deep, specialist expertise. That is why we have collaborated with Infosys. We chose them for their proven track record in tackling these complex challenges, and we’re confident that together, we can build a foundation that lets our teachers spend less time navigating systems and more time with their students.”

Vicki Russell, Chief Technology and Transformation Officer for Melbourne Archdiocese Catholic Schools, said, “Collaborating with Infosys allows us to modernize our systems and align our operations to better support school communities. With a future-focused platform in place, we will be well-positioned to foster innovation, enhance collaboration, and deliver quality education at scale.”

Peter Moore, Head of Partner Ecosystem, SAP Asia Pacific, said, “With over 18,000 staff supporting 120,000 students across nearly 300 schools, MACS is a large and complex organization. By working with Infosys and using SAP S/4HANA Cloud and SAP SuccessFactors, MACS will be able to simplify and modernize the way it runs – from streamlining admin and day-to-day operations, to improving how it manages and supports its teaching staff and other employees. This collaboration also sets MACS up to make the most of AI in the future, and use data more effectively to enhance the experience for both students and staff.”

Raja Shah, EVP and Industry Head, Global Markets, Infosys, said, “This collaboration marks a significant milestone for Infosys in Australia. Melbourne Archdiocese Catholic Schools is setting a bold vision for digital transformation in education, and we are proud to bring our expertise and managed services capabilities to help realize it. With SAP, we are also enabling a cloud-based, AI-capable platform that empowers educators and administrators alike.”

 

About Melbourne Archdiocese Catholic Schools

Melbourne Archdiocese Catholic Schools (MACS) is the largest non-government education system in Australia. It operates almost 300 Catholic primary and secondary schools. Its 18,000 staff educate almost 120,00 students, helping them discover futures filled with purpose, for lives that make an impact.

 

SAP

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

 

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. We enable clients in more than 59 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

 

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence (“AI”), generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

Media contact

For further information, please contact: PR_Global@Infosys.com

TOKYO – Nikon Corporation will begin accepting orders for the Digital Lithography System DSP-100, designed for back-end semiconductor manufacturing processes, starting in July 2025. This system is specifically developed for advanced packaging applications, supporting large substrates up to 600mm square and delivering high resolution of 1.0μm^*1 (L/S^*2).

• *11 micrometer (μm) is one-millionth of a meter (one-thousandth of a millimeter).
• *2Abbreviation for Line and Space. Refers to the width of circuit lines and the spacing between adjacent patterns.

Release Overview

Product name	Digital Lithography System DSP-100
Sales launch	July 2025
Scheduled release	Fiscal Year 2026

Development Background

With the widespread adoption of high-speed communication technologies such as the internet of things (IoT) and generative artificial intelligence (AI), the volume of information processing is rapidly increasing, driving demand for high-performance semiconductor devices, especially in data centers. In addition, as advanced packaging technologies such as chiplets – that connect multiple chips side by side – continue to progress, circuit patterns are becoming increasingly fine, and package sizes are growing. In response to these challenges, demand for panel-level packaging (PLP) using resin or glass substrates is expected to see continued growth.

Performance Overview

Swipe horizontally to view full table.

• *3Compatible with wafers and even larger substrates

Key Benefits

Combining High Resolution and Productivity

The DSP-100 integrates Nikon’s high-resolution semiconductor lithography technology with the multi-lens technology^*4 from its flat panel display (FPD) lithography systems. It delivers high resolution (1.0μm L/S), excellent overlay accuracy (≦±0.3μm), and high productivity – up to 50 panels per hour using 510×515mm substrates.

• *4Nikon’s proprietary technology exposes multiple projection lenses in an array and precisely controls them to produce the same effect as if a single giant lens were used. This enables patterning over a wider area with a single exposure.

Maskless Operation for Large Advanced Packaging Applications

Unlike conventional lithography systems that require photomasks with circuit patterns, the DSP-100 uses a spatial light modulator (SLM) to directly project circuit patterns onto substrates without the need for a photomask. This approach eliminates the size constraints of photomasks, provides greater flexibility for large, advanced packaging applications, and streamlines the development process – reducing both cost and lead time for customers.

Support for Large Square Substrates – 9x Productivity Compared to Wafers

The DSP-100 supports exposure on large square substrates up to 600×600mm. For 100mm-square large packages, productivity per substrate is nine times higher than when utilizing 300mm wafers. Additionally, the system offers high-precision correction for substrate warpage and deformation, reducing production costs with maskless technology and minimizing maintenance costs with solid state light sources, supporting greener manufacturing.

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