Regulatory Alerts2015-10-28
Added
CMI 07/2015 Circular to Licensed Trust Companies on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Measures
The Monetary Authority of Singapore issued this circular to Licensed Trust Companies following thematic inspections that identified gaps in their anti-money laundering and countering the financing of terrorism controls. The document mandates the formalization of policies, consistent application of customer due diligence, and robust enterprise-wide risk assessments in alignment with the revised TCA-N03 and Guidelines. It further requires enhanced screening, ongoing monitoring, and specific measures to address tax crime risks, urging firms to adopt observed good practices to ensure regulatory compliance.