Strengthening AML/CFT Practices for External Asset Managers

25 Aug 2022 Legal Highlights

The MAS has published an information paper titled “Strengthening AML / CFT Practices for External Asset Managers", which sets out the MAS’ supervisory expectations of effective anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks and controls for external asset managers (EAMs). The guidance is based on key findings from a series of thematic inspections and engagements conducted by the MAS. The MAS expects EAMs to review their AML/CFT frameworks and controls against these expectations and to implement remediation or enhancement measures should there be any gaps in their frameworks and controls. All fund management companies are also expected to incorporate the learning points from the information paper into their AML / CFT frameworks and controls.


The information paper may be accessed here.


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