Singapore takes a risk-based approach in fighting money laundering (ML), terrorism financing (TF), and proliferation financing (PF). By identifying and understanding risks, the authorities can prioritize efforts in high-risk areas. This approach includes monitoring risks through coordination among government agencies and collaboration with the private sector to stay updated on changing trends. The following risk assessments are published to enhance industry awareness, guiding stakeholders in taking proportionate measures to mitigate identified risks.
- Money Laundering National Risk Assessment
- Terrorism Financing National Risk Assessment
- Proliferation Financing (PF) National Risk Assessment (NRA) and Counter-PF Strategy
- Legal Persons Risk Assessment
- Legal Arrangements Risk Assessment
- Virtual Assets Risk Assessment
- Environmental Crimes Money Laundering Risk Assessment
PF NRA updates and deepens Singapore’s PF risk understanding, taking into consideration observations by relevant Singapore authorities, international typologies and feedback from the private sector.
Thematic Risk Assessments of Legal Persons, Legal Arrangements and Virtual Assets, complement Singapore’s updated ML National Risk Assessment and TF National Risk Assessment that were published on 20 June 2024 and 1 July 2024 respectively. These thematic risk assessments provide a more targeted and in-depth understanding of Singapore’s key threats and vulnerabilities in these specific risk areas, and are particularly relevant to sectors that have been referenced in the reports.
Financial Institutions (FIs) should use the risk assessments to identify and understand ML/TF/PF risks at a broad, enterprise-wide level. This assessment, approved by senior management, helps gauge overall vulnerability to these risks and guides the implementation of controls. FIs should integrate findings from these risk assessments, including the updated ML and TF National Risk Assessments, to evaluate and enhance their controls and monitoring practices.
For the full details, please refer to the MAS website https://www.mas.gov.sg/regulation/anti-money-laundering/ml-tf-pf-risk-assessments
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.