Good Compliance — A Singapore Banking Industry Perspective

Abstract

The author was commissioned by the Association of Banks in Singapore (ADS) to redraft the ABS's Guidelines on Prevention of Money Laundering to replace its earlier guidelines after the revision of the money laundering laws under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (SCA) and the Mutual Assistance in Criminal Matters Act (MACMA). While asked to redraft the guidelines (ABS Guidelines) within the legal framework of the new anti‐money laundering regime, the task was also to redraft the ‘know your customer’ rules which would constitute the best practices in Singapore's banking industry for combating money laundering activities. The purpose of this paper is not ‘good compliance’ from the regulator's or a bank's perspective but from the banking industry's perspective in Singapore for the combating of money laundering.

Citation

Liang Tan, S. (2002), "Good Compliance — A Singapore Banking Industry Perspective", Journal of Financial Crime, Vol. 9 No. 4, pp. 380-382. https://doi.org/10.1108/eb026038