Singapore MAS-backed ACIP unveils practical guidance to streamline source of wealth and funds due diligence

This guidance marks a shift towards a more risk-based and pragmatic approach, particularly benefiting private banking and wealth management sectors, where clients often have complex financial backgrounds. By emphasizing a deeper understanding of clients’ wealth origins and transaction contexts rather than relying on excessive documentation, the framework helps firms meet anti-money laundering and counter-terrorist financing (AML/CFT)…