Last Revised Date: 27 June 2023

Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons

Applies to: Credit/Charge Card Issuer , Finance Company , Full Bank (Branch) , Full Bank (Locally Incorporated) , Merchant Bank (Branch) , Merchant Bank (Locally Incorporated) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Financial Holding Company (Banking) , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , Approved CIS Trustee , Benchmark Administrator/Submitter , Central Securities Depository , Clearing House , Corporate Finance Advisory , Credit Rating Agency , Dealing in Capital Markets Products , Exempt Capital Markets Services Entity , Exempt Futures Broker , Exempt OTC Derivatives Broker , Foreign Fund Manager , Holding Company of Exchange or Clearing House , Licensed Fund Management Company , Members of Public , Markets and Exchanges , OTC Counterparties , Money Broker , Product Financing , Providing Custodial Services , Registered Business Trust , Registered Fund Management Company , REIT Management , Securities Crowdfunding , Venture Capital Fund Management Company , Trade Repository , Financial Adviser , Standard Payment Institution , Major Payment Institution , Money-changing Licensee , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Authorised Reinsurer , Representative Office (Insurance) , Approved MAT Insurer , Financial Holding Company (Insurance) , Registered Insurance Broker , Exempt Insurance Broker , Approved Insurance Broker , Lloyd's Broker , Technology
This information paper sets out positive data analytics use cases and information for financial institutions (FIs) to take reference from in enhancing detection and mitigation of misuse of legal persons risks. While this paper does not impose new regulatory obligations on FIs, FIs are encouraged to review their existing controls against the practices set out in the paper, and assess whether there is scope to incorporate or enhance the use of DA in their ML/TF risk detection.