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Financial crime risks arising from customer relationships with a nexus to digital assets

17/07/2023

In August 2022, a Digital Assets Risk Management Group was established under the AML/CFT Industry Partnership ("ACIP"), including representatives from

  • The banks (OCBC, SCB, HSBC, JP Morgan, DBS, UOB, Citibank, Maybank),
  • The Monetary Authority of Singapore ("MAS"),
  • The Commercial Affairs Department ("CAD") and
  • Ernst & Young ("EY").

The objective of the Digital Assets Risk Management Group was to define and share best practices on the management of Money Laundering ("ML"), Terrorism Financing ("TF"), and Sanctions risks arising from customer relationships with a nexus to digital assets.

This JULY 2023 paper provides Financial Institutions ("FIs") with a foundational framework to advance understanding and management of ML/TF and Sanctions risks arising from customer relationships with nexus to digital assets in the Singapore context by

(a) Presenting a high-level overview on the classes of digital assets and proposing risk factors for assessing relevance of digital assets from the AML/CFT perspective;

(b) Identifying the possible types of customer nexus to digital assets such as cryptocurrencies and analysing the underlying risk profiles; and

(c) Clarifying risk management objectives and assessing incremental risk management capabilities required to manage these associated risks.

 /media/2008/acip-best-practices-for-the-management-of-ml-tf-and-pf-risks-from-customer-relationships-with-a-nexus-to-digital-assets_100723-publish.pdf

SOURCE

https://abs.org.sg/docs/library/acip-best-practices-for-the-management-of-ml-tf-and-pf-risks-from-customer-relationships-with-a-nexus-to-digital-assets_100723-(publish).pdf

 

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.