Proposed amendments include:
a) requiring financial institutions to perform an ML/TF risk assessment at the wider institutional level, in addition to assessing the ML/TF risk of individual customers;
b) elaborating on steps to be taken by FIs to identify and verify beneficial ownership of non-individual customers, such as companies and trusts;
c) formalising the need for FIs to screen customers and their connected parties;
d) catering for a risk-based approach for certain categories of Politically Exposed Persons; and
e) putting in place additional requirements for cross-border wire transfers exceeding SGD1,500 (USD1200) such as customer due diligence on occasional transactions and minimum information fields in the message or payment instructions.
Institutions have until August 14 to submit comments on the consultation paper.