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Benefits of Outsourcing Your Compliance Function

Written by Claudia Ting Financial Institutions (FIs) in Singapore are strictly regulated by the Monetary Authority of Singapore (MAS) to carry out regulated activities such as investments and advisory. These regulations ensure that appropriate risk management measures and practices are adopted for the protection of investors. This, in turn, has created a sustainable financial industry and made Singapore a global financial hub. These regulations entail FIs’ compliance with existing laws and regulations, and comprise of …

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New 2021 MAS TRM Guidelines Revision (18 January 2021)

Written by Ian Tan Zhi Yan ‘I do not fear computers. I fear lack of them’,[1] a quote commonly attributed to Isaac Asimov and one I am sure most readers have heard of. This saying accurately reflects the degree of reliance placed upon technology. Without a doubt, the introduction of the Covid-19 pandemic brought that reliance into the limelight and demonstrated how technology is so essential to the running of businesses globally in the ‘new …

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Do You Know Your KYC? – An introduction to Singapore’s AMLCFT framework and KYC requirements

Written by Ian Tan Zhi Yan Singapore has in place a strict framework of regulations and requirements in relation to anti-money laundering and countering the financing of terrorism. Under MAS regulations, FIs have a responsibility to detect, deter, and prevent money laundering, terrorism financing, fraud, and various illicit activities. This is translated to obligations on fund managers, financial advisers, insurance brokers, trust managers, and payment service providers to have in place a robust KYC checks. …

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