Regulatory Alerts2012-05-11
Added
Guidelines On Safeguarding Financial System Integrity Against Risks Emanating From Iran
The Monetary Authority of Singapore issued guidelines requiring financial institutions to implement enhanced due diligence and transaction monitoring for Iran-related business relationships. Institutions must protect against the use of correspondent banking and front companies to shield illicit activities while remaining alert to extraterritorial unilateral sanctions. Senior management is advised to assess the reputational and operational impacts of these sanctions when making commercial decisions to preserve global financial integrity.
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