Singapore releases guidance on ML/TF/PF risks associated with Corporate Service Providers

Plenitude’s DE&I Council recognised in Manage HR article
FATF’s Annual Report for 22-23

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.

https://www.mas.gov.sg/regulation/external-publications/best-practices-for-banks-to-manage-ml-and-tf-risks-associated-with-receiving-referrals-from-csps

Share with: