On 11 July 2023, the Monetary Authority of Singapore (“MAS“) published a paper titled “Industry Perspectives on Best Practices – Management of Money Laundering, Terrorism Financing and Sanctions Risks from Customer Relationships with a Nexus to Digital Assets” (“Paper“). The Paper is produced by the AML/CFT Industry Partnership (“ACIP“) working group on Digital Assets Risk Management.
By way of background, the Digital Assets Risk Management Group was established under the ACIP in August 2022 and included representatives from the banks (OCBC, SCB, HSBC, JP Morgan, DBS, UOB, Citibank, Maybank), MAS, Commercial Affairs Department and Ernst & Young.
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