Strengthening AML/CFT Practices for External Asset Managers

This information paper follows from a series of anti-money laundering and countering the financing of terrorism (AML/CFT) thematic inspections and engagements conducted by MAS of selected external asset managers. It sets out MAS’ supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples observed.

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Each country can determine how it will assess these risks. To assist countries in this process, the FATF has developed guidance which explains the general principles and stages of a risk assessment. The practices described in these guidance documents serve as examples, and are not specific actions that a country must take.

• Terrorist Financing Risk Assessment Guidance
• National Money Laundering and Terrorist Financing Risk Assessment
  

Regardless of the approach a country has chosen to identify, assess and understand the risk to its financial system, the FATF will assess the extent to which it has been able to do so during its peer reviews.  These reviews are based on the Methodology for assessing technical compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems and assessors will look closely at a country’s evaluation of its risks during the assessment of Recommendation 1 and Immediate Outcome 1.

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website : https://www.mas.gov.sg/

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p/o Virginie Gastine Menou

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