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MAS’s Proposed Changes to AML/CFT Requirements Applicable to Money-Changing and Remittance Businesses

The MAS has recently proposed changes to the AML / CTF requirements for money-changing and remittance businesses.  Firms will no longer need MAS pre-approval for contacting non  face to face business but will need to have appropriate controls in place for this type of account opening and must appoint an independent consultant to undertake annual audits of the effectiveness of those controls. ComplianceAsia Internal Audit has a proven track record of providing independent control and procedures audits for financial industry firms and can offer you a cost effective solution to this new requirement.

Internal Audit

As part of the increasing supervision of fund managers, the MAS expects the business activities of fund managers in Singapore to be subject to adequate internal audit either internally or by a third party service provider.

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Anti-Bribery & FCPA Programs

Both the US FCPA and the UK Bribery Act 2010 have an extraterritorial effect on multinational companies.  Recent investigations, enforcement actions and deferred prosecution agreements entered into by both the SEC in the USA and SFO in the UK 

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