Regulatory Alerts2023-08-31
Added
Circular on ensuring effective detection of sanctions-related risks
The Monetary Authority of Singapore issued this circular to require financial institutions to strengthen governance and detection processes for sanctions-related risks. Institutions must establish clear Board oversight, define risk appetites, and implement robust escalation procedures to manage both local and unilateral sanctions. Additionally, FIs are expected to enhance detection capabilities through data analytics and risk-based lookback mechanisms to identify potential sanctions evasion activities.
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