MAS Guidance on FIs' CTF 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.