Money laundering and terrorism financing are financial crimes that continue to impact financial institutions and their systems, and are constantly on regulators’ radars. This is particularly important as financial institutions play a key role in the prevention of money laundering and terrorism financing.
The Monetary Authority of Singapore (“MAS”) has issued several guidelines on safeguarding the integrity of our financial system. MAS has recently updated the notice to Capital Markets Intermediaries (“CMI”), which sets out the obligations for CMIs on anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”).
It is of utmost importance that robust internal controls are put in place in all CMIs to detect and deter the flow of illicit funds through Singapore’s financial system. These include applying a risk-based approach, conducting due diligence prior to establishing any business relations with clients, conducting regular account reviews and reporting any suspicious transactions, should they arise.
The MAS notice provides a comprehensive guide for CMI on AML/CFT requirements. Refer to the latest update here.
