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As money laundering and terrorism financing efforts have grown in sophistication, the Monetary Authority of Singapore (MAS) will be working to set up two dedicated departments to tighten oversight and ensure financial institutions in Singapore comply with MAS regulations.
The Anti-Money Laundering (AML) department will assume both policy-making and enforcement functions, with the capacity to undertake on-site investigations in financial institutions.
The new Enforcement Department will, according to MAS, serve to “conduct rigorous investigations of suspected violations and misdemeanours and to take swift actions to establish culpability and punish as appropriate the [breaching] institutions or individuals.”
It will be essential for financial institutions and financial services users to stay abreast of the new policies that will be put in place by AML, and actively prepare for possible on-site investigation and enforcement efforts.
Providence Law Asia LLC has experienced attorneys that can assist in developing compliance strategies, assessing potential risks, and training your staff to respond to on-site investigation requests.