As the wealth management sector expands, so must its risk and control functions. For "high growth" areas, the MAS expects
FIs to ensure that commensurate controls are in place to deal with associated ML/TF risks (e.g., tax evasion, funds derived
from corruption).
The risk management culture must start at the top, as the board of directors and senior management remain responsible for
understanding and mitigating ML/TF risks.
The MAS Circular ML/TF
The Monetary Authority of Singapore (MAS) has issued a circular on March 20, 2023, to all licensed institutions (LIs) in the wealth management sector. The circular outlines the expectations for the top-down and all-round risk management culture in the wealth management sector.
