MAS fines three banks and an insurer operating in Singapore for AML/CFT breaches
Singapore’s financial regulator has fined four financial institutions for applying seriously inadequate anti-money laundering and counter financing of terrorism (AML/CFT) controls when they dealt with persons who were involved in transactions with, or had links to, the collapsed German payment services group, Wirecard. Breaches of…
Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions (FIs) to share information. The…
Financial institutions in Singapore reminded to continue to refer to latest FATF statements on DPRK, Iran and Myanmar
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran as well as the latest…
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas considered high risk include fraud…
Singapore responds to Pandora Papers by mulling changes to AML/CFT controls
The Monetary Authority of Singapore (MAS) is consulting with the country’s financial institutions as it mulls possible changes to its anti-money laundering and counter financing of terrorism (AML/CFT) regime in the light of revelations in the so-called Pandora Papers according to finance minister Lawrence Wong….
Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions (FIs) to share information. The…
Collaboration, data analytics and digitalisation key to Singapore’s AML/CFT effectiveness
Collaboration alongside the use of data analytics and digital processes have led to key successes in Singapore’s anti-money laundering and counter financing of terrorism (AML/CFT) effectiveness according to assistant managing director of the Monetary Authority of Singapore (MAS). Loo Siew Yee now wants financial institutions…
Technology and collaboration needed to counter TBML says chief compliance officer
HSBC Singapore’s chief compliance officer is calling for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering (TBML) risks. In an article for Regulation Asia, Jamil Ahmed discusses these mitigating factors and concludes that financial institutions need to…
Singapore launches platform to target TBML risks
The Monetary Authority of Singapore (MAS), Singapore Customs and some of Singapore’s financial institutions have launched a new platform to help the country counter trade-based money laundering (TBML). Designed to address money laundering and terrorist financing risks in trade finance, the Trade Finance Compliance (TFC)…
Data analytics to build on Singapore’s TBML efforts
The Monetary Authority of Singapore (MAS) plans to increase its use of data analytics in combating trade-based money laundering (TBML) and other financial crimes in the year ahead according to the authority’s assistant managing director, banking and insurance group, Ho Hern Shin. Speaking at the…
