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GUIDANCE FOR EFFECTIVE AML/CFT TRANSACTION …

Monetary Authority of Singapore GUIDANCE FOR EFFECTIVE AML/CFT TRANSACTION MONITORING CONTROLS September 2018 GUIDANCE FOR EFFECTIVE TRANSACTION MONITORING CONTROLS MONETARY AUTHORITY OF SINGAPORE 1 Table of Contents 1 Introduction .. 2 Use of this GUIDANCE Paper .. 4 2 Execution of TRANSACTION Monitoring .. 5 Knowing the Customer .. 5 Risk-based Calibration .. 5 Robust Implementation .. 10 Resolution and Enhancement .. 13 3 Risk Awareness .. 17 4 Governance .. 19 Material Outsourcing of First Level Alert Reviews .. 21 5 Conclusion .. 23 GUIDANCE FOR EFFECTIVE TRANSACTION MONITORING CONTROLS MONETARY AUTHORITY OF SINGAPORE 2 1 Introduction TRANSACTION monitoring ( TM ) is a key control in financial institutions ( FIs ) anti-money laundering and countering the financing of terrorism ( AML/CFT ) policies and procedures: When on-boarding customers, FIs are required to perform risk assessments and due diligence checks to identify and mitigate any prospective money laundering and terrorism financing ( ML/TF ) risks, including proliferation financing ( PF ) risks, at the onset.

money laundering and countering the financing of terrorism (“AML/ FT”) policies and procedures: When on-boarding customers, FIs are required to perform risk assessments and due ... possible tax evasion or avoidance, corruption nexus, or terrorism financing)

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