MAS published guidance paper on effective practices to detect and mitigate the risk from misuse of legal persons

01 Jul 2019

The Monetary Authority of Singapore (“MAS”) has published a guidance paper (“Guidance Paper”) on effective practices to detect and mitigate the risk from misuse of legal persons.
 
The Guidance Paper sets out MAS’ supervisory expectations of sound practices for effective Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) frameworks and controls to address the risks and typologies associated with the misuse of legal persons. While the Guidance Paper does not impose any new regulatory obligations, it sets out illustrative case examples and best practices observed from MAS’ AML/CFT inspections which financial institutions may consider incorporating.
 
This legal update highlights briefly the contents of the Guidance Paper. Read more on the update here.