A Report by CYS Global Remit Legal & Compliance Office
In a recent report by the Monetary Authority of Singapore (MAS) on November 27, perceived risks associated with money laundering and terrorism financing (ML/TF) in Singapore's financial system have heightened.
According to a survey conducted by MAS, financial institutions (FIs) in Singapore now consider money laundering risks as the fourth most significant risk as of October this year, marking a notable increase from seventh place six months ago.
These FIs expressed the belief that ML/TF risks would remain a substantial challenge for global financial hubs, especially considering their open capital accounts and large gross capital flows, as outlined by MAS.
In parallel findings, monetary policy tightening, geopolitical concerns, and technology and cyber risks emerged as the top three most cited and impactful risk categories for FIs in Singapore.
At CYS Global Remit, a distinguished non-bank financial institution, we recognize our pivotal role within the financial system. Central to our operations is the rigorous practice of conducting comprehensive risk assessments. These assessments play a crucial role in enabling us to identify, quantify, and proficiently manage a spectrum of risks that may emerge during our activities.
Source: businesstimes.com.sg/singapore