MAS Issues Industry Perspectives on Best Practices – Management of Money Laundering, Terrorism Financing and Sanctions Risks from Customer Relationships with a Nexus to Digital Assets

On 11 July 2023, the Monetary Authority of Singapore (“MAS“) published a paper titled “Industry Perspectives on Best Practices – Management of Money Laundering, Terrorism Financing and Sanctions Risks from Customer Relationships with a Nexus to Digital Assets” (“Paper“). The Paper is produced by the AML/CFT Industry Partnership (“ACIP“) working group on Digital Assets Risk Management.

By way of background, the Digital Assets Risk Management Group was established under the ACIP in August 2022 and included representatives from the banks (OCBC, SCB, HSBC, JP Morgan, DBS, UOB, Citibank, Maybank), MAS, Commercial Affairs Department and Ernst & Young.

For more information, click here to read the full Legal Update.

CONTACTS

Head, Financial Institutions Group
+65 6232 0456
Singapore,
Deputy Head, Financial Institutions Group
+65 6232 0482
Singapore,
Partner
+65 6232 0398
Singapore,
Co-Head, Fraud, Asset Recovery & Investigations
+65 6232 0156
Brunei, Singapore,

Country

EXPERTISE

SECTORS

Share

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.