Regulatory Alerts2011-09-06
Added
Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial System
The Monetary Authority of Singapore issued these guidelines to require financial institutions to safeguard the local financial system from being used to harbor or disguise illegitimate funds. Institutions must continuously assess legal, regulatory, and reputational risks, particularly regarding asset transfers from countries with tax resolution agreements, by verifying customer bona fides before acceptance. If illegitimate assets are suspected, financial institutions are mandated to file Suspicious Transaction Reports and discontinue the business relationship as appropriate.
Topics
Share