---
title: MAS's Circular on ML/TF Risks in Wealth Management
description: The Monetary Authority of Singapore [MAS] has published a circular on money laundering and terrorism financing risks in the wealth management sector.
---

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# [MAS's Circular on ML/TF Risks in Wealth Management](https://www.plenitudeconsulting.com/news-insights/mas-circular-on-ml/tf-risks-in-wealth-management)

 Written by [Insight & Partnership Team](https://www.plenitudeconsulting.com/news-insights/author/insight-partnership-team) | Mar 3, 2023 3:04:00 PM

The circular highlights that wealth management firms have inherently higher exposures to ML/TF risks due to factors including its client attributes, transaction size and complexity, and as a result, should:

- Strengthen Board and Senior Management [BSM] oversight and risk and control functions;
- Conduct added review and quality assurance testing regarding the identification of higher risk customers, source of wealth, and source of funds in high growth areas;
- Continue to exercise vigilance over higher risk customers and transactions.

Wealth management firms with operations in Singapore should read the MAS circular and enact MAS’s recommendations.

[View full post](https://www.plenitudeconsulting.com/news-insights/mas-circular-on-ml/tf-risks-in-wealth-management)

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