The inaugural national risk assessment (NRA) report on money laundering and terrorism financing (ML/TF) risks in Singapore was published on 10 January 2014.
The NRA report was the culmination of a government-wide exercise that lasted two years and covered 14 financial sub-sectors and eight non-financial sectors in Singapore.
Where certain sectors have been identified as having higher ML/TF risk, financial institutions should take this into account when assessing the level of ML/TF risk for customers from these sectors.
Financial institutions should also consider the results of the NRA when assessing their ML/TF risk factors in relation to their customers, geographical exposure, products, services, transactions and delivery channels, and whether they are more susceptible to the prevailing crime types identified in the NRA.
Where appropriate, financial institutions should also take these prevailing crime type results into account as part of their ongoing monitoring of the conduct of customers' accounts and scrutiny of transactions.
The MAS Enforcement Report sets out the enforcement actions taken by MAS, as well as SFA and FAA cases investigated under MAS-CAD Joint Investigation Arrangement, for the period of 1 January 2022 to 30 June 2023. The report also gives an update on the progress of MAS' enforcement priorities for 2022/2023 and outlines MAS’ key enforcement priorities for 2023/2024.
This report highlights one of the foundational principles of Project Guardian – the establishment of open and interoperable networks. A framework is introduced for understanding the design options to enable the trading of digital assets across networks and liquidity pools. This framework considers the core principles of...
This paper provides a technical overview to the concept of PBM, which enables money to be directed towards a specific purpose, without requiring money itself to be programmed. PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money. With a standardised...