Regulatory Alerts2015-10-28
Added
Circular CMI 06/2015 on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Measures
The Monetary Authority of Singapore issued this circular to outline findings from thematic inspections of registered insurance brokers regarding their anti-money laundering and countering the financing of terrorism controls. It mandates that firms formalize policies, conduct rigorous customer due diligence, perform enterprise-wide risk assessments including tax risks, and strictly adhere to regulations for handling customer moneys. The document further requires all insurance brokers to implement enhanced screening for sanctioned entities and maintain timely deposits of client funds into designated accounts.