Monographs/Information Papers
Published Date: 10 January 2014

National Risk Assessment

Financial institutions in Singapore should take the national risk assessment report into account when assessing their money laundering and terrorism financing risks.

About the Report

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.

Additional Document