Regulatory Alerts2024-10-18
Added
Guidelines to MAS Notice FSM-N02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions’ Information Sharing Platform
The Monetary Authority of Singapore issued these guidelines to prescribe operational requirements for prescribed financial institutions participating in the COSMIC information sharing platform. The document mandates the establishment of robust internal policies, procedures, and controls to govern the timely and secure exchange of risk information regarding money laundering, terrorism financing, and proliferation financing. It further details specific obligations for requesting, providing, and publishing risk data while ensuring compliance with anti-tipping-off provisions and ongoing customer due diligence standards.
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