Compliance Insight – April 2023
With the start of the second quarter, the second peak of reporting is upon financial institutions (with their financial year coinciding with the calendar year).
- Quarterly filing on 1Q2023 by 14 April 2023
- Fund Management Risk Assessment Questionnaire by 28 April 2023
- Annual filing for 2022 by 31 May 2023 (in case the financial year coincides with the calendar year)
The MAS published a Circular on Money Laundering and Terrorism Financing Risks in the Wealth Management Sector. In this circular, the MAS highlights AML/CFT obligations of financial institutions in wealth management and their respective expectation. In particular, the MAS highlights adequate oversight by the board of directors and senior management, focus on higher-risk customers and transactions and review and quality assurance testing.
The MAS also updated several forms, most of all with respect to financial advisory services. As usual, you should ensure that you download the latest version of any form for notifications of the MAS.