Singapore's Guidance on ML/TF Risks in Corporate Service Providers
The Monetary Authority of Singapore (MAS) has published a best practice guidance for financial institutions to manage ML/TF/PF risks associated with receiving referrals from corporate service providers (CSPs).
The following recommendations for banks on how they can manage these risks are provided:
Formalisation of a risk management framework to manage risks associated with receiving customer referrals from CSPs;
CSP empanelment;
Assessment of the level of ML/TF/PF risk arising from CSPs;
Periodic and ongoing surveillance of CSPs; and
CSP Dis-empanelment process.
Financial institutions should view the best practice guidance and take any appropriate action.
Asset Management
AML/CTF/CPF
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