Singapore’s banks should share data with agencies in AML/CFT efforts

Singapore’s banks should share a standard format of data submission and risk analytics with regulators and law enforcement agencies, the country’s recently formed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Industry Partnership (ACIP) has recommended.

The public-private partnership established a year ago has also defined an AML/CFT road map and established a data analytics workshop, both with a very clear view on trade-based financial crime.

Recommendations

Agencies such as the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) should collaborate with financial institutions on data analytics ACIP has recommended.

ACIP has also charted a roadmap for controlling money laundering and keeping a vigil on suspicious client profiles or transaction patterns.

Working group

Additionally, the partnership has set up a data analytics working group to develop effective AML/CFT tools.

The working group aims to leverage the collective experience of its members in using AML/CFT data analytics to better detect suspicious client profiles, activities or transaction patterns.

The working group also aims to identify areas where closer collaboration between industry and government can enhance enforcement efforts against criminals who abuse Singapore’s financial system.

First anniversary

Director of CAD, David Chew, is pleased with the partnership’s first twelve months. “ACIP’s first year has been a fruitful one. We have had open discussions about emerging financial crime typologies and enriched our collective understanding of the threats facing Singapore,” he said in a statement.

Established in April 2017, ACIP is a public-private sector partnership comprising government agencies and private companies in the financial industry as well as the Association of Banks in Singapore.



Categories: Trade Based Financial crimes News

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