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MAS Guidance on FIs' CTF Controls

26 May 2023
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MAS Guidance on FIs' CTF Controls

The Monetary Authority of Singapore (MAS) has published guidance on Strengthening Financial Institutions (FIs) Countering the Financing of Terrorism (CFT) Controls.

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.