Regulatory Alerts2015-10-28
Added
Circular to Fund Management Companies on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Measures and Business Conduct
The Monetary Authority of Singapore issued this circular to fund management companies following thematic inspections that identified deficiencies in anti-money laundering and counter-terrorist financing controls. The document mandates the formalization of policies, rigorous customer due diligence, and comprehensive enterprise-wide risk assessments, including specific requirements for tax crime risk evaluation. It further clarifies regulatory obligations regarding the segregation of customer assets and requires firms to implement enhanced internal controls and good practices to ensure ongoing compliance with revised guidelines.