MAS, CAD rope in banks in new partnership to fight money laundering, terrorism financing

The MAS and the CAD announced the launch of a government-industry partnership to strengthen Singapore's capabilities in the fight against money laundering and terrorism financing.
The MAS and the CAD announced the launch of a government-industry partnership to strengthen Singapore's capabilities in the fight against money laundering and terrorism financing. PHOTO: REUTERS

SINGAPORE - The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force announced on Monday (April 24) the launch of a government-industry partnership to strengthen Singapore's capabilities in the fight against money laundering and terrorism financing (ML/TF).

The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) brings together selected industry participants, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key ML/TF risks facing Singapore. ACIP will also enhance the detection and mitigation of transnational risks arising from Singapore's position as an international financial centre and trade hub.

ACIP comprises a steering group, supported by working groups, which will look into specific risk areas and topics relevant to ML/TF. The steering group comprises eight local and foreign banks - including DBS, OCBC and UOB - and the Association of Banks in Singapore.

It will identify and prioritise the key ML/TF risks to focus on, and commission various working groups to study these risks further. Relevant industry participants from both within and outside the financial sector will be invited to share and contribute to these working groups, which will comprise certain steering group members and other representatives from the broader industry. The working groups will share key information with the private sector and other stakeholders to enhance the collective understanding and mitigation of ML/TF risks.

Mr Chua Kim Leng, MAS assistant managing director (banking & insurance), said, "ACIP institutionalises the close partnership between the Singapore government and the industry on AML/CFT matters. This collaborative approach enables us to identify and address ML/TF risks from different angles so as to better detect, deter and defend Singapore against financial crimes."

Said CAD director David Chew: "Financial crime typologies are evolving rapidly. Countries must explore smarter and more effective ways to combat such crimes. ACIP will be a key enabler in this endeavour. We encourage and welcome industry members from both within and outside the financial sector to contribute actively to the work of the ACIP, as well as share the relevant products and best practices with the rest of the financial industry."


TABLE: MONETARY AUTHORITY OF SINGAPORE, SINGAPORE POLICE FORCE