Regulatory Alerts2023-03-03
Added
Circular on Money Laundering and Terrorism Financing Risks in the Wealth Management Sector
The Monetary Authority of Singapore issued this circular to require financial institutions to strengthen their anti-money laundering and counter-terrorism financing controls within the wealth management sector. Institutions must enhance board oversight, conduct rigorous quality assurance testing on customer due diligence, and exercise heightened vigilance over complex legal structures and anomalous transactions. These measures aim to ensure that wealth management fund flows remain legitimate and to safeguard the integrity of Singapore's financial centre.