The guidance follows an industry-wide survey and thematic reviews of CFT-related controls conducted by MAS and sets forth the Authority’s key observations and supervisory expectations for FIs.
The guidance identifies three key areas for improvement:
- Strengthening screening processes;
- Leveraging data analytics;
- Conducting regular reviews to strengthen internal controls and processes; and
- Ensuring timely and quality STR submissions.
Firms operating in Singapore are advised to review their existing practices against the supervisory expectations set out in the paper in a risk-based and proportionate manner, and subsequently take any appropriate action.