After a lengthy public consultation process with the industry the Monetary Authority of Singapore (MAS) is introducing tougher regulations on money laundering and terrorism financing.
The re calibrated regulations will be rolled out in stages later this year on May 24 and then on July 24. The belief is that as banks have already been working with these revised regulations during the consultation process there should be few complications in complying with the updated formalised provisions.
In short more wide-ranging risk assessments will be carried out on not just individuals but also their businesses. Senior officials working in high profile global institutions like the UNHCR for example have also been added to the politically exposed persons (PEPs) group.
