Published Date: 03 March 2023

Circular on Money Laundering and Terrorism Financing Risks in the Wealth Management Sector

This circular reminds all financial institutions (FIs) to stay vigilant to the ML/TF risks in wealth management sector, and sets out MAS’ expectations for FIs to review its existing controls to ensure that they remain adequate to mitigate the ML/TF risks from high growth areas.  In conducting its review, FIs should take into account the additional information provided in this circular as well as previous MAS guidance that was issued to the industry.