Singapore publishes circular on AML/CFT policy & procedure audit

The document provides additional guidance and highlights good practice, recommending that FIs:

• Ensure their audit function maintains AML/CFT expertise proportionate to the size and nature of the business;
• Regularly conduct AML/CFT risk assessments and identify changes with regulatory requirements;
• Carry out audits with a frequency and intensity commensurate with the relevant ML/TF risks; and
• Integrate data analytics within the AML/CFT audit process to further improve the effectiveness of audit outcomes.

Firms with operations in Singapore should review the latest publication as part of ensuring their audit processes are aligned with regulatory expectations.

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