AML/CFT Industry Partnership (ACIP)
The AML/CFT Industry Partnership (ACIP) is a private-public partnership established in April 2017. It brings together the financial sector, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate key and emerging money laundering and terrorism financing risks facing Singapore.
The co-chairs are the Commercial Affairs Department of the Singapore Police Force and Monetary Authority of Singapore. ACIP’s Steering Group currently comprises the Association of Banks Singapore (ABS) and 8 banks.
Expert working groups are created by the Steering Group to study identified areas of interest; these working groups induct members outside of the Steering Group to provide added expertise and wide-ranging perspectives.
ACIP Best Practice Papers
ACIP has recommended a set of best practices for financial institutions to guard against trade-based money laundering and the misuse of company structures for illicit purposes.
The ACIP best practice papers highlight the “red flag” customer behaviours or transaction patterns that financial institutions can look out for to detect illicit financial activities. They also recommend measures that financial institutions can take to identify or prevent such activities.