Monday, November 9, 2015

MAS Circular to FMCs on Enhancing AML/CFT Measures (“CMI 03/2015”)

The Monetary Authority of Singapore ("MAS") has published a Circular to report on its findings from thematic inspections performed on financial institutions ("FIs") from September 2014 to January 2015. 

Fund management companies (“FMCs”) in general have put in place policies and procedures ("P&Ps") on anti-money laundering and countering the financing of terrorism (“AML/CFT”). However, some FMCs have not applied their controls consistently.