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The Monetary Authority of Singapore (MAS) recently renewed its emphasis on money laundering risks in Trade Finance in its latest Guidance Paper on Anti-Money Laundering  and Countering the Financing of Terrorism Controls (AML/CFT) in Trade Finance and Correspondent Banking in October 2015. For the purposes of risk assessment relating to trade finance business, MAS emphasised that due to their vulnerability to ML/TF risks, it is important that banks establish a sufficiently robust and trade-specific process…
A Bill providing for amendments to the MAS Act recently underwent its first reading in Parliament and broadly covered the following purposes: Customer due diligence and record keeping requirements – the duties to perform customer due diligence measures for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes and the obligation to keep records and information to determine the extent of compliance with such requirements will be provided within this primary legislation. The detailed…
30 March 2015 Notices on the Distribution of Direct Purchase Insurance Products   MAS has recently issued Notices under the Insurance Act and the Financial Advisers Act on 30 March 2015, covering the Distribution of Direct Purchase Insurance Products [“DPI”] (MAS Notice 321 / FAA-Notice 19). This set of Notices is a follow-up to 1 of the 5 key thrusts of the Financial Advisory Industry Review (FAIR) detailed within the Oct 2014 Consultation