MAS against money laundering and terrorist financing
The Monetary Authority of Singapore (MAS) is seeking public feedback on proposed new measures to further protect Singapore’s financial system from being used to launder money or finance terrorism.
A consultation paper has been released on Tuesday (July 15).
Under the changes proposed, financial institutions will be required to conduct money laundering and terrorist financing risk assessments at the wider institutional level, in addition to assessing the risk of individual customers.
MAS also wants to formalise the need to screen customers and their connected parties. It suggests implementing additional requirements for cross-border wire transfers exceeding S$1,500. These include customer due diligence on occasional transactions and minimum information fields in the message or payment instructions.
MAS says many of the proposed changes formalise existing supervisory expectations and practices of financial institutions. The consultation paper is available on the MAS website.
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