The Monetary Authority of Singapore (“MAS”) has published guidance on Strengthening Financial Institutions (“FIs”) Countering the Financing of Terrorism (“CFT”) Controls.

The guidance follows an industry-wide survey and thematic reviews of CFT-related controls conducted by MAS and sets forth the Authority’s key observations and supervisory expectations for FIs.

The guidance identifies three key areas for improvement:

  • Strengthening screening processes;
  • Leveraging data analytics;
  • Conducting regular reviews to strengthen internal controls and processes; and
  • Ensuring timely and quality STR submissions.

Firms operating in Singapore are advised to review their existing practices against the supervisory expectations set out in the paper in a risk-based and proportionate manner, and subsequently take any appropriate action.

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