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Singapore's Guidance on ML/TF Risks in Corporate Service Providers

06 February 2024
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Singapore's Guidance on ML/TF Risks in Corporate Service Providers

The Monetary Authority of Singapore (MAS) has published a best practice guidance for financial institutions to manage ML/TF/PF risks associated with receiving referrals from corporate service providers (CSPs).

The following recommendations for banks on how they can manage these risks are provided:

  • Formalisation of a risk management framework to manage risks associated with receiving customer referrals from CSPs;
  • CSP empanelment;
  • Assessment of the level of ML/TF/PF risk arising from CSPs;
  • Periodic and ongoing surveillance of CSPs; and
  • CSP Dis-empanelment process.

Financial institutions should view the best practice guidance and take any appropriate action.
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