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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.

supervisory expectations and best practices therein are, with the appropriate modifications, equally relevant and applicable to other FIs. FIs should therefore incorporate the learning points from this guidance in a risk-based and proportionate manner, giving proper regard to the profile of their business activities and customers.

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