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MAS's Proposed Changes to AML/CFT Requirements Applicable to Money-Changing and Remittance Businesses

 

MAS's Proposed Changes to AML/CFT Requirements Applicable to Money-Changing and Remittance Businesses

23 Jan 2018

The MAS has recently proposed changes to the AML / CTF requirements for money-changing and remittance businesses.  Firms will no longer need MAS pre-approval for contacting non  face to face business but will need to have appropriate controls in place for this type of account opening and must appoint an independent consultant to undertake annual audits of the effectiveness of those controls. CA Background Intelligence and Internal Audit has a proven track record of providing independent control and procedures audits for financial industry firms and can offer you a cost effective solution to this new requirement.   For more information please contact Nas Clarke at nas.clarke@complianceasia.com.

 
 

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