Singapore MAS Tharman Shanmugaratnam on Regulatory Standards for External Asset Managers: Same Banking Regulatory Standards Imposed on EAMs Including Money Laundering, KYC, Source of Wealth & Funds, Ensure Legitimate Transactions
10th May 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply on regulatory standards for External Asset Managers: Same banking regulatory standards imposed on EAMs (External Asset Managers) including Money Laundering, KYC (Know-Your-Customer), Source of Wealth & Funds, ensure Legitimate Transactions. Singapore MAS Tharman Shanmugaratnam: “MAS imposes on external asset managers the same stringent regulatory standards for anti-money laundering and countering the financing of terrorism that it imposes on banks. Like banks, external asset managers are required to verify the identity of their customers, establish the sources of wealth and funds of higher-risk customers, and monitor customers’ transactions on an ongoing basis, to ensure that these are legitimate. There is thus no regulatory arbitrage.” See below for MAS statement.
“ Same Banking Regulatory Standards Imposed on EAMs Including Money Laundering, KYC, Source of Wealth & Funds, Ensure Legitimate Transactions “
Singapore MAS Tharman Shanmugaratnam on Regulatory Standards for External Asset Managers
9th May 2023 | Written reply to Parliamentary Question on stringent regulatory standards for external asset managers
To ask the Prime Minister (a) whether the same stringent regulatory standards will apply to external asset managers as currently required of banks, for the opening of bank accounts; and (b) what is the risk of regulatory arbitrage by external asset managers occurring.
Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. MAS imposes on external asset managers the same stringent regulatory standards for anti-money laundering and countering the financing of terrorism that it imposes on banks. Like banks, external asset managers are required to verify the identity of their customers, establish the sources of wealth and funds of higher-risk customers, and monitor customers’ transactions on an ongoing basis, to ensure that these are legitimate. There is thus no regulatory arbitrage.
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