Straightaways
Your go-to resource for quick access to the most relevant best practices, industry insights and essential guidelines. Designed to equip you with the critical knowledge precisely when you need it.
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AML/CFT industry best practices on source of wealth due diligence
The Monetary Authority of Singapore (MAS) has issued guidelines for financial institutions to establish and corroborate the source of wealth of customers, particularly those assessed to pose higher money laundering/ terrorism financing risks. This page outlines industry best practices for SoW due diligence across private banking, retail banking, and corporate banking sectors, emphasising a risk-based, tiered approach to ensure effective risk mitigation and high standards of AML/CFT controls.
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Contact us
Julia Leong
Banking and Capital Markets Risk Services Leader, PwC Singapore
Thangaraja Nada Raja
Partner, Regulatory Risk and Compliance (Banking), PwC Singapore
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