HALISTER1: MAS Singapore Forms Dedicated Anti-Money Laundering Departments

MAS Singapore Forms Dedicated Anti-Money Laundering Departments

(Bloomberg) -- The Monetary Authority of Singapore to form dedicated department to streamline existing responsibilities for regulatory policies relating to money laundering and other illicit financing risks, regulator says Monday.
  • Dedicated supervisory team will also be set up to carry out onsite supervision of how financial institutions manage these risks
  • New structure will enhance supervisory focus: MAS
  • MAS will centralise and strengthen enforcement under new Enforcement Department; new department will continue to jointly investigate capital markets misconduct offences with the Commercial Affairs Department
  • New department responsible for enforcement actions arising from regulatory breaches of MAS’ banking, insurance and capital markets regulations.
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Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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MASP SP (Monetary Authority of Singapore)

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