Author Archives: compliancetransparency

The paper sets out positive data analytics use cases and information for financial institutions (FIs) to take reference from in enhancing detection and mitigation of misuse of legal persons risks. The paper highlighted progress in detection and mitigation of risks where there is increase in suspicious transactions report filed due to increased awareness, increased explorationContinue reading “MAS Paper (June 2023) – Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons”

  The paper was issued on the back of an industry-wide survey of CFT-related controls. FIs should benchmark themselves against the practices and supervisory expectations set out in this paper in a risk-based and proportionate manner, and conduct a gap analysis. The key areas for improvement are Screening process, Leverage data analytics, Strengthening internal controlsContinue reading “MAS Paper (May 2023) – Strengthening Financial Institutions’(FIs) Countering the Financing of Terrorism (CFT) Controls”

The circular reminds all Financial Institutions (FIs) to stay vigilant to the ML/TF risks in wealth management. FIs are expected to identify their high growth areas (eg.  material increase in demand based on the number of new accounts opened or the size of fund flows) and take steps to ensure that existing controls remain adequateContinue reading “MAS Circular (3 March 2023) – MONEY LAUNDERING AND TERRORISM FINANCING (ML/TF) RISKS IN THE WEALTH MANAGEMENT SECTOR”

The current Guid

The circular was issued by MAS on the back of industry-wide survey of VCCs in 2021, and followed up with a series of thematic reviews. It sets out key observations and expectations for VCCs and their eligible financial institutions (EFIs). Below is a summary and please refer to the circular for full details, available onContinue reading “MAS Circular (13 September 2022) – Enhancing Anti-Money Laundering And Countering The Financing Of Terrorism, (AML/CFT) Controls In The VCC Sector”

The document sets out MAS’ supervisory expectations for external asset managers in 5 areas, namely Governance, Risk Assessment Framework, Customer Due Diligence (CDD), Enhanced CDD, and Suspicious Transactions Reporting. This should trigger some initial thoughts such as: Does my governance structure provide adequate oversight, inculcate appropriate risk culture, implement 3 lines of defense and hasContinue reading “MAS Information Paper – Strengthening AML/CFT Practices For External Asset Managers”

      This is based on a thematic review conducted by MAS in 2021 on selected banks, insurers and asset managers and highlight emerging and/or good practices by FIs and identify areas where further work is needed. The survey responses showed mixed progress across FIs. FIs should refer to the industry practices shared inContinue reading “MAS Information Papers on Environmental Risk Management (31 May 2022)”

  The Monetary Authority of Singapore (MAS) issued the revised Business Continuity Management Guidelines (Guidelines) on 6 June 2022 and will take effect on 6 June 2023. The overarching requirements include:   Some of the key takeaways include: The extent and degree to which a financial institution implements the Guidelines should be commensurate with theContinue reading “MAS Business Continuity Management Guidelines (June 2022)”

The paper was published on 28 April 2022 and sets out supervisory expectations, good practices, and areas for improvement. This is based on thematic inspections on for Banks, Merchant Banks, and Finance Companies. Financial institutions (FI) should benchmark themselves against the supervisory expectations and good practices in the paper in a risk-based and proportionate manner,Continue reading “MAS Publishes Information Paper On Strengthening AML/CFT Name Screening Practices (April 2022)”