Regulatory Alerts2015-10-28
Added
CMI 05/2015: Circular to Financial Advisers on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Measures and Business Conduct
The Monetary Authority of Singapore issued this circular to outline findings from thematic inspections of financial advisers and to highlight requirements under revised anti-money laundering regulations. It mandates that advisers formalize policies, conduct rigorous customer due diligence, perform enterprise-wide risk assessments, and maintain proper documentation for transactions and customer funds. The regulator further requires enhanced oversight by senior management to ensure compliance with these strengthened controls and business conduct standards.