Singapore forms new AML/CFT partnership with MAS, CAD and eight banks

Singapore’s financial regulator, Monetary Authority of Singapore (MAS), and the financial intelligence unit of Singapore, Commerical Affairs Department (CAD) of the Singapore Police Force, announced the launch of a government-industry partnership to ramp up efforts in the combat against money laundering and terrorism financing (ML/TF).

The new partnership, named, Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP), brings together selected participants in the finance industry, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key ML/TF risks facing Singapore. ACIP will further enhance the detection and mitigation of transnational risks, and will further strengthen Singapore’s position as a global financial hub.

The partnership will comprise of a Steering Group supported by a Working Group. The Steering Group is co-chaired by MAS and CAD, the Association of Banks in Singapore and eight banks. The goal of the partnership is to identify and prioritise key ML/TF risks and commissioning various Working Groups to study these risks in detail. Working Groups will comprise certain Steering Group members and relevant industries within the financial sector will be invited to contribute. Working Groups will share information with the relevant stakeholders involved in AML/CFT to further enhance the collective understanding and mitigation of ML/TF risks.

This partnership is presumably one of the many ways Singapore is boosting its AML/CFT framework, as recommended in the mutual evaluation conducted by the Financial Action Task Force (FATF). One of the many recommendations includes:

Financial sector supervisors should continue dialogue with the FIs to promote a better understanding of ML and TF risks, and more closely target supervisory activity to ML/TF risks.

ACIP Steering Group Members

Steering Group co-chairs

1. Mr David Chew, Director of CAD
2. Mr Chua Kim Leng, Assistant Managing Director (Banking & Insurance)

Steering Group Members

1. DBS Bank Ltd
2. United Overseas Bank Ltd
3. Overseas-Chinese Banking Corporation Ltd
4. Citibank N.A
5. The Hongkong & Shanghai Banking Corporation Ltd
6. Standard Chartered Bank
7. UBS AG
8. BNP Paribas
9. The Association of Banks in Singapore

Steering Group members are appointed for an initial tenure of 2 years, after which industry member participation may be expanded or rotated.