AML/CFT Industry Partnership (ACIP)
Access ACIP best practice papers for guarding against trade-based money laundering and the misuse of company structures for illicit purposes.
Combating money laundering, terrorism financing and proliferation financing are priorities for MAS. We require our financial institutions to have sufficiently robust controls to detect and deter such illicit activities. We also partner the industry to bolster their defences, by engaging them on emerging risks, evolving criminal typologies and industry best practices. MAS is firmly committed to safeguarding Singapore as a clean and trusted financial centre.
- Ravi Menon, Managing Director, MAS
MAS Annual Report 2016/2017
The controls that MAS requires of financial institutions include the need to identify and know their customers (including beneficial owners), conduct regular account reviews, and monitor and report any suspicious transaction.
Financial institutions should also refer to:
Financial institutions must also comply with MAS regulations which give effect to obligations arising from the United Nations Security Council Resolutions to combat proliferation financing. They must also comply with obligations to combat terrorism financing, such as those found under the Terrorism (Suppression of Financing) Act. More information can be found .
Under the , a financial institution that fails or refuses to comply with any requirements of its applicable AML/CFT notice is guilty of an offence and will be liable on conviction to a fine not exceeding $1 million for each offence.
FATF’s guidance for implementing the risk-based approach for virtual assets and virtual asset service providers
Financial Action Task Force (FATF)'s guidance for implementing the risk-based approach for trust and company service providers
Read MAS' announcement on the June 2019 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Sets out MAS’ supervisory expectations of financial institutions’ (“FIs”) controls to address the misuse of legal persons risks and typologies observed.
3-year Prohibition Orders were issued against Mr Paris Michele, a former representative of UBS AG, Singapore branch, for dishonest conduct. He had forged letters and falsified emails relating to background checks during his employment with UBS.