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On 29 December 2006, Monetary Authority of Singapore had issued MAS Notice & Guidelines # 626 to banking institutions and # 314 to Life Insurers on Prevention of Money Laundering and Countering the Financing of Terrorism. These were subsequently revised and amended at the end of February 2007.
Constantly changing as well as tightening anti-money laundering regulations not only in Singapore but across the other countries, makes it essential for financial institutions to put in place automated compliance processes to avoid financial and legal consequences in the short run. If left unattended, these compliance issues, could affect your institution’s reputation, and in some cases lead to imposition of sanctions on your operations in those countries.
Singapore maintains its reputation as a least corrupt country in Asia and therefore would seem to be least prone from within, to money laundering of ill gotten money. The risk is posed from the outsiders from other countries. Foreign nationals from the neighboring countries, who have profited from corruption, have been parking their dirty money in Singapore’s clean economy. According to a recent report, 'Many wealthy Indonesians, for example, have invested heavily in Singapore real estate and are using Singapore's growing private banking industry to protect and invest their assets.'
To combat such a emergent risky scenario, Divas Software can help your financial institution in defining anti-money laundering processes and put in place requisite automation to sniff out trails of dirty money from such launderers and terrorist outfits. These automated systems would help you in addressing all of the questions raised above, and thus ensure that your institution is not used by these unscrupulous elements to achieve their short-term goals at your institution’s long-term reputation.
Abdul Aziz
Divas Offshore Software Technologies
abdul@divassoftware.com
Posted August 6th, 2007 by abdul
