Banks must perform CDD on customers transferring virtual assets. Digital ID system iAM Smart can be used for identity verification.
January 19, 2023MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.
September 14, 2022The guidance covers governance, risk assessment frameworks, customer due diligence, enhanced CDD, and suspicious transaction reporting.
August 25, 2022Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.
October 18, 2020The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.
August 9, 2020