Circular on Updates to Singapore's (I) Money Laundering National Risk Assessment (ML NRA), and (II) Terrorism Financing National Risk Assessment (TF NRA)
This circular highlights to financial institutions (FIs) Singapore’s updated ML NRA and TF NRA, and reminds FIs to identify, assess and understand ML/TF risks at an enterprise-wide level. FIs should take reference from the ML NRA and TF NRA and assess the effectiveness of the relevant risk-focused AML/CFT controls and ongoing monitoring of customers’ accounts and transactions.