Regulatory Alerts2024-07-26
Added
Circular on Establishing the Sources of Wealth of Customers
The Monetary Authority of Singapore issues this circular to guide financial institutions in the wealth management sector on establishing the sources of wealth of their customers. Institutions must employ risk-proportionate measures to independently corroborate customer information against documentary or public sources while adhering to principles of materiality, prudence, and relevance. Senior management is required to exercise oversight on higher-risk accounts and ensure ongoing monitoring controls reflect the established customer risk profiles.
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