Author Archives: compliancetransparency

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 riskContinue reading “MAS Publishes Money Laundering, Terrorism Financing, and Proliferation Financing Risk Assessments (30 October 2024)”

The Risk Assessment (“RA”) of legal persons was conducted to provide a comprehensive overview of Singapore’s key Money Laundering (“ML”) and Terrorism Financing (“TF”) risks posed by legal persons in Singapore. The RA provides: The table below shows a summary of the risks. The table below shows some of the key exposures. The RA alsoContinue reading “MAS MONEY LAUNDERING AND TERRORISM FINANCING RISK ASSESSMENT OF LEGAL PERSONS IN SINGAPORE 2024 (30 October 2024)”

MAS recently conducted a series of anti-money laundering and countering the financing of terrorism (AML/CFT) inspections across a range of financial institutions (FIs). This information paper sets out MAS’ supervisory expectations and good practices in the following areas for effective AML/CFT frameworks and controls that FIs should benchmark themselves against. FIs should conduct a gapContinue reading “MAS Information Paper on AML/CFT Supervisory Expectations from Recent Inspections (30 October 2024)”

There remains a risk that legal arrangements may be misused by bad actors to conceal the beneficial ownership of illicit proceeds. However, they are less frequently exploited as compared to legal persons (in particular companies). It is notable that all of the Money Laundering (ML) cases relating to legal arrangements in Singapore that Law EnforcementContinue reading “MAS MONEY LAUNDERING AND TERRORISM FINANCING RISK ASSESSMENT OF LEGAL ARRANGEMENTS IN SINGAPORE 2024 (30 October 2024)”

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: In conducting the enterprise-wide risk assessment, FIs should incorporate relevant findings from the risk assessments, and take into accountContinue reading “SINGAPORE’S 2024 PROLIFERATION FINANCING (PF) NATIONAL RISK ASSESSMENT AND COUNTER-PF STRATEGY (30 October 2024)”

The report assessed that Singapore’s key threat areas, where cases involving virtual assets were observed, include cyber-enabled fraud, cybercrime through ransomware and thefts from wallets, and Money Laundering (ML) using Digital Payment Tokens (DPT). Other threats noted from international typologies and observations include illegal online gambling, drug offences, corruption, terrorism financing and proliferation financing. DigitalContinue reading “VIRTUAL ASSETS RISK ASSESSMENT REPORT SINGAPORE 2024 (30 October 2024)”

The circular set out additional guidance and highlights the good practices observed by the MAS relating to performing audits on the effectiveness of AML/CFT policies, procedures and controls. Financial Institutions (FIs) are expected to have established policies to steer their periodic AML/CFT audits, and to escalate audit observations to support Board and Senior Management (BSM)Continue reading “MAS Circular on Audit of AML/CFT Policies, Procedures and Controls (21 Oct 24)”

The FAQ was updated on 8 October 2024 to provide guidance on computing the value of an Accreditor Investor’s (AI) holdings of digital payment tokens (DPTs). Individual AI From 4 October 2024, for the purposes of determining the value of an individual’s net personal assets, Financial Institutions (FIs) should adopt the following methodology to determineContinue reading “MAS FAQ on Accredited Investors (October 2024)”

The circular provides further guidance on establishing source of wealth (SOW). For the full details, please refer to the MAS website https://www.mas.gov.sg/regulation/circulars/circular-on-establishing-the-sources-of-wealth-of-customers Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.

The NRA articulates the latest TF threats and vulnerable sectors in Singapore. It was first conducted in 2020 and the latest assessment observed that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent in Singapore’s context. Self-radicalised individuals continue to pose the most salient TF threat to Singapore.Continue reading “Terrorism Financing (TF) National Risk Assessment (NRA) 2024”