June 13, 2016
The Monetary Authority of Singapore (MAS) announced that it would set up dedicated departments to combat money laundering and strengthen enforcement respectively. The changes will take effect on 1 August 2016.
Anti-Money Laundering (AML)
MAS will form a dedicated AML Department that will streamline the existing responsibilities for regulatory policies relating to money laundering and other illicit financing risks. In addition, a dedicated supervisory team will be set up to monitor these risks and carry out onsite supervision of how financial institutions manage these risks. These functions used to be carried out by different departments in MAS; the new structure will enhance supervisory focus.
Enforcement
MAS will centralise and strengthen its enforcement functions under a new Enforcement Department. The new department will continue to jointly investigate with the Commercial Affairs Department capital markets misconduct offences. In addition, the new department will be responsible for enforcement actions arising from regulatory breaches of MAS’ banking, insurance and capital markets regulations.