Singapore adopts a risk-based approach in combatting money laundering (ML), terrorism financing (TF) and proliferation financing (PF). The identification, assessment and understanding of risks underpin the effectiveness of our efforts in anti-money laundering (AML), countering the financing of terrorism (CFT) and counter-proliferation financing (CPF). The risk-based approach enables Singapore authorities to focus and prioritise Singapore’s AML/CFT/CPF efforts in the higher-risk areas.  

To support our risk-based approach, Singapore monitors our ML/TF/PF risks through close coordination among government agencies and in collaboration with the private sector to identify and keep pace with the rapidly changing risks, trends and typologies. The risk assessments (listed below) synthesise observations from our risk monitoring and surveillance efforts over the years. They are published to raise industry’s collective risk awareness, and allow targeted prevention, detection and enforcement measures to be taken in a timely manner. They should be read in conjunction with the various guidance and circulars that the relevant authorities have disseminated to the industry from time to time. 

All relevant stakeholders, including financial institutions and designated non-financial businesses and professions, should remain vigilant and take reference from these risk assessments in assessing their risks and take appropriate risk-based and proportionate measures to mitigate the risks identified.