On 24 September 2018, the Monetary Authority of Singapore ("MAS") issued a Guidance for Effective AML/CFT Transaction Monitoring Controls ("Guidance Paper").
MAS conducted a series of anti-money laundering and countering the financing of terrorism ("AML/CFT") inspections to examine the effectiveness of banks' transaction monitoring ("TM") frameworks and processes. The Guidance Paper reiterates the key recommendations by MAS to the inspected banks, setting out MAS' supervisory expectations of sound practices for the effective conduct of TM. These supervisory expectations and best practices which are non-exhaustive, are equally relevant and applicable to other financial institutions ("FIs").
This Update provides a brief summary of the key recommendations. The Guidance Paper may be obtained from MAS' website here.
If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally deal with or any of the following partners:
Joy TAN
Joint Head – Commercial & Corporate Disputes Practice
Joint Head – Corporate Governance & Compliance Practice
Joint Head – Financial Services Regulatory Practice
d +65 6416 8138
e joy.tan@wongpartnership.com
Click here to see Joy’s CV.
Elaine CHAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to see Elaine’s CV.
Rosabel NG
Head – Derivatives & Structured Products Practice
Joint Head - Financial Services Regulatory Practice
d +65 6416 8269
e rosabel.ng@wongpartnership.com
Click here to see Rosabel’s CV.