Singapore’s PF NRA covers the risks of breach, non-implementation and evasion of all UNSC sanctions imposed on the Democratic People’s Republic of Korea (DPRK) and Iran, including activity-based sanctions. The key findings of the assessment are:
- Singapore faces the key proliferation financing threats of misuse of legal persons, ship-to-ship transfers, movement of dual-use goods, export of luxury goods and misuse of virtual assets.
- Financial sectors with higher exposure include banks, digital payment token service providers, remittance agents and maritime insurers.
- Non-Financial sectors with higher exposure include corporate service providers, precious stones and precious metals dealers, and lawyers.
In conducting the enterprise-wide risk assessment, FIs should incorporate relevant findings from the risk assessments, and take into account the relevant threats and higher-risk sectors identified to assess the effectiveness of controls and ongoing monitoring of customers’ accounts and transactions.
For the full details, please refer to the MAS website https://www.mas.gov.sg/publications/monographs-or-information-paper/2024/proliferation-financing-national-risk-assessment-and-counter-pf-strategy
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.