STRENGTHENING AML/CFT CONTROLS AND PRACTICES TO DETECT AND MITIGATE RISKS OF MISUSE OF LEGAL PERSONS/ ARRANGEMENTS AND COMPLEX STRUCTURES

This paper sets out typologies, case studies as well as supervisory expectations of effective AML/CFT controls to detect and mitigate risks associated with the misuse of legal persons/arrangements and complex structures. This paper follows from MAS’ inspections of FIs and supplements the existing guidance on (a) Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons; (b) Guidance for Effective AML/CFT Transaction Monitoring Controls; and (c) Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons.