SINGAPORE — The AML/CFT Industry Partnership (ACIP) has released a comprehensive guidance paper titled “Best Practices on Source of Wealth Due Diligence”, representing a significant industry milestone in strengthening the capacity of financial institutions (FIs) to ... Read More →
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Singapore’s ACIP Releases Guidance on Legal Persons and Trade-Based Money Laundering
ACIP has released 2 guidance papers on approaches towards the misuse of legal persons and trade-based money laundering (TBML) during a dialogue held on 14 May. The ACIP is Singapore’s public-private collaboration to exchange views and information on anti-money ... Read More →
Hong Kong Releases 2018 ML/TF Risk Assessment Report
On April 30, the Hong Kong Financial Services and the Treasury Bureau has released the Money Laundering / Terrorist Financing (ML/TF) Risk Assessment Report. The report examines ML/TF threats and vulnerabilities facing Hong Kong and the steps taken to the remediate ... Read More →
Singapore to Ease Non-Face-to-Face Controls for New Technology Solutions
Update: The Monetary Authority of Singapore has released a circular on 8 Jan 2018 regarding using MyInfo as an official source for customer onboarding. Financial institutions would not need to obtain a photograph of the customer separately. For more details, please ... Read More →
Singapore to have new AML/CFT payment services regulatory framework for cryptocurrencies
Singapore will soon have a regulatory framework on the prevention of money laundering and countering the financing of terrorism for payment services. In a parliament session held on 3 October 2017, Deputy Prime Minister (DPM) and Minister in charge of the Monetary ... Read More →
