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MAS Circular on Sanctions Related Risks Detection

31 August 2023
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MAS Circular on Sanctions Related Risks Detection

The Monetary Authority of Singapore (MAS) has published a circular on ensuring effective detection of sanctions-related risks

The circular sets out additional guidance that financial institutions (FIs) should consider incorporating in their processes to better detect and manage sanctions-related risks.

It sets forth that FIs should:

  • Ensure strong Board and Senior Management (BSM) oversight of sanctions-related risks; and
  • Continue to strengthen its sanction-risk detection capabilities.

Firms should view the circular and take any appropriate action.
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