AI model risk management is under growing scrutiny following the Monetary Authority of Singapore's (MAS) thematic review of financial institutions' Artificial Intelligence (AI) and Generative AI practices in mid-2024. The…
Who is the Wolfsberg Group? Wolfsberg Group digital assets guidance is reshaping how Financial Institutions assess ML/TF risk. The Wolfsberg Group (the Group) is an alliance of 13 global banks…
Singapore regulators have recently issued multiple circulars and information papers on AML/CFT controls. These detail the expected market standards and supervisory expectations for Financial Institutions (FIs). This increased regulatory scrutiny…
For fund management companies in Singapore, liquidity risk refers to the risk that the Fund vehicles they manage may not have sufficient cash or liquid assets to meet obligations when…
Technology risk management is becoming essential as Financial Institutions (FIs) continue to adopt cutting-edge technologies for operational efficiency and better service delivery to their clients. As such, FIs such as…
With the repeal of the Registered Fund Management Company (RFMC) regime, all Fund Management Companies (FMCs) are now under the Capital Markets Services License (CMSL) regime. This is broken down…
Singapore updated its National Risk Assessment (NRA) on Money Laundering (ML) and Terrorism Financing (TF) risks. The update reflects new threats and vulnerabilities shaped by global, regional and local developments.…
The Monetary Authority of Singapore (MAS) recently strengthened how Regulated Financial Institutions (FIs) in Singapore establish Sources of Wealth for customers and their Beneficial Owners. This is part of an…
Business Continuity Management Singapore practices are under renewed scrutiny following the recent global IT outage affecting CrowdStrike (CS). The outage disrupted a key provider on 19 July 2024, prompting Financial…
On 30 May 2024, MAS issued its updated Guidelines on Fair Dealing (FSG-G04). The MAS fair dealing guidelines help Boards and Senior Management of FIs align their internal processes to achieve…