Monetary Authority of Singapore Issues Guidance Paper on Effective Anti-money Laundering and Combatting the Financing of Terrorism Controls in Private Banking.

Banking supervision, Money laundering, Singapore, Terrorist financing, Private banking N-6 Journal of International Banking Law and Regulation Singapore MONEY LAUNDERING Monetary Authority of Singapore Issues Guidance Paper on Effective Anti-money Laundering and Combatting the Combatting the financing Financing of Terrorism Controls in Private Banking of terrrosim On 4 September 2020, the Monetary Authority of Singapore (MAS) issued MAS issues guidance paper on a guidance paper setting out its supervisory expectations of effective effective AML/CFT controls in anti-money laundering/combatting the financing of terrorism (AML/CFT) private banking controls in the private banking industry, including illustrative examples taken from MAS' inspections of private banks (PBs) (guidance paper).1 The dI Banking supervision; Money guidance paper supplements the MAS Guidance on Private Banking Controls issued in 2014. laundering, Private banking, The guidance sets outthe following five key control areas for improvement: Singapore; Terrorist financing - corroborating customer's source of wealth and funds; - detecting and mitigating tax-related money laundering risks, - detecting and inquiring into commercial/third-party transactional flows, - exercising active senior management oversight, and - instituting sound performance management framework to foster strong risk culture. [Extracted from the article]