The Monetary Authority of Singapore (“MAS”) has published an information paper on strengthening AML/CTF controls and practices to detect and mitigate risks of misuse of legal persons / arrangements and complex structures.
The paper sets out typologies and case studies observed by MAS during its inspections of financial institutions (“FIs”), and its supervisory expectations to ensure robust AML/CFT controls.
The paper provides information on:
- Typologies and supervisory observations;
- Customer due diligence and case studies; and
- Ongoing monitoring and case studies.
Firms can read the paper to gain further insights into the expectations of MAS on ensuring they have robust AML/CFT controls in place.