Information on culture and conduct outcomes financial institutions should work towards in specific areas such as governance, hiring, communication channels and performance management. The paper also provides examples of good practices gathered from a thematic survey and dialogue sessions conducted by MAS with banks, insurers and capital market intermediaries.
Enhancing Robustness of Enterprise-Wide Risk Assessment on Money Laundering and Terrorism Financing
MAS conducted thematic inspections on enterprise-wide risk assessment on money laundering and terrorism financing (EWRA) in 2020. This paper highlights inspection observations and MAS’ supervisory expectations of effective EWRA frameworks and processes that financial institutions should benchmark themselves against.