Managing Upstream Risk - Issue 25
This edition of Managing Upstream Risk provides updates on the key regulatory developments between October 2017 and March 2018. During this period, the Monetary Authority of Singapore (“MAS”) introduced a new consultation paper on changes to Anti-Money Laundering (“AML”)/Counter Finance Terrorism (“CFT”) requirements imposed on money- changing and remittance businesses. Coupled with this is a new circular on technology solutions to facilitate non-face- to-face customer on-boarding. MAS has also updated its guidance on insurer’s own risk and solvency assessment.