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.
Orchid Blueprint sets out the technology and infrastructure building blocks that would be required to facilitate digital money transactions in the future. The blueprint incorporates learnings from the Project Orchid industry trials and industry engagements.
This whitepaper was jointly developed in collaboration with the Financial Industry, FinTechs and Industry Groups. It proposes a common model for linking digital asset networks implemented on diverse ledger technologies and describes common archetypes for the issuance, distribution and transfer of digital assets and...