Regulatory Alerts2013-06-27
Added
Findings from Thematic Inspection of Licensed Trust Companies
The Monetary Authority of Singapore issued this circular to outline compliance findings from a thematic inspection of licensed trust companies regarding Anti-Money Laundering and Countering the Financing of Terrorism measures. The regulator requires firms to formalize policies, document senior management approvals for politically exposed persons, and maintain rigorous audit trails for customer due diligence and ongoing monitoring. Additionally, licensed trust companies must implement specific procedures to address new predicate offences for serious tax crimes effective from 1 July 2013.