MAS publishes a circular on AML/CTF risks in wealth management
Link: MAS Circular
In Singapore, corporate finance advisors now have DD requirements
MAS Imposes Due Diligence Requirements for Corporate Finance Advisers Singapore, 23 February 2023… The Monetary Authority of Singapore (MAS) today issued a Notice imposing mandatory baseline standards of due diligence and conduct requirements for corporate finance (CF) advisers [1] . These requirements raise the standards of conduct of CF advisers, […]
MAS & Singapore Police Force issue warning to BSI Bank (former) official for STR filing failures
Enforcement Actions Media ReleasesPublished Date: 10 October 2022 MAS and SPF take action against former BSI Bank Deputy CEO Raj Sriram Singapore, 10 October 2022…Mr Raj Sriram, former Deputy CEO and Head of Private Banking of BSI Bank Limited, Singapore Branch (BSIS), has been issued a 24-month conditional warning from […]
MAS issues AML/CTF circular for VCC companies
Circulars Published Date: 13 September 2022 Circular on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Controls in the VCC Sector MAS conducted an industry-wide survey of Variable Capital Companies (VCCs) and a series of thematic engagements of eligible financial institutions (EFIs) to assess the effectiveness of their AML/CFT […]
MAS Enforcement Action: UOB Kay Hian Private Limited pays SGD$375K
Enforcement Actions Media ReleasesPublished Date: 31 August 2022 MAS Imposes Composition Penalty of $375,000 on UOB Kay Hian Private Limited for business conduct and AML/CFT failures Singapore, 31 August 2022… The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $375,000 on UOB Kay Hian Private Limited (UOBKH) […]
MAS issues AML/CFT information paper for asset managers
Monographs/Information PapersPublished Date: 24 August 2022 Strengthening AML/CFT Practices for External Asset Managers This information paper follows from a series of anti-money laundering and countering the financing of terrorism (AML/CFT) thematic inspections and engagements conducted by MAS of selected external asset managers. It sets out MAS’ supervisory expectations for effective […]
Singapore Sanctions Resource
On the Monetary Authority of Singapore (MAS) website, there is a Targeted Financial Sanctions page. The first major section of it is a list of all their sanctions programs – listing the relevant Singaporean laws and/or regulations, a link to the corresponding United Nations Security Council Sanctions Committee’s Sanctions Materials […]
MAS updates its Targeted Financial Sanctions page to include Russian sanctions
Here’s the new section: Financial measures in relation to Russia In response to Russia’s invasion of Ukraine, the Singapore Government has imposed financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. These measures apply to all financial institutions in Singapore, […]
New AML Notices and Consultations from Singapore
Consultations Consultation Paper on Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT NoticesThis consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals […]
MAS issues circular on CDD measures for non farce-to-face technologies
AMLD 01/2022: Circular on Non-Face-to-Face Customer Due Diligence Measures This Circular sets out industry good practices observed by MAS and supervisory guidance on the measures to mitigate risks associated with the use of non-face-to-face technologies for customer due diligence. FIs should read this Circular in conjunction with the relevant AML/CFT Notices […]
Mr. Watchlist 