Background

Recently, Monetary Authority of Singapore (MAS), has reminded the financial sector that the AML/CFT Industry Partnership (ACIP) which was established in April 2017 as a public-private initiative co-chaired by the Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS), is a key source for best practice in AML/CFT and Anti-Proliferation Financing operations.

MAS highlighted two Best Practice papers:

1. Best practices in relation to risks in wealth management – sets out recommended good practices on certain risks in relation to the wealth management customers
2. Best practices on source of wealth (SoW) due diligence – sets out recommended good practices in the establishment of SoW, including case studies to guide FIs.

The ACIP Best Practice Papers serve as actionable resources, offering financial institutions red flags and guidance to improve detection, reporting, and control frameworks. Through case-based learning and shared indicators, ACIP not only strengthens institutional capacity but also builds a collective industry standard around AML/CFT expectations.

What’s Next

Financial Institutions should:

• Review ACIP best practices papers and augment internal policies and procedures accordingly
• Enhance suspicious transaction reporting (STR) frameworks based on the red flag indicators identified by ACIP
• Strengthen board oversight of AML/CFT systems, ensuring accountability at senior levels
• Participate in industry working groups or public-private dialogue platforms to stay ahead of evolving risks
• Benchmark internal practices against typologies presented in ACIP publications, such as trade-based money laundering or shell company misuse

As MAS intensifies its enforcement and cross-agency collaborations, the operationalisation of ACIP guidance becomes not just good practice — but strategic risk mitigation.

And more…

How Can We Help

We support financial institutions in aligning with ACIP recommendations and MAS expectations by offering:

• AML/CFT gap assessments based on current regulatory themes and ACIP guidance
• Customised training on red flag indicators, typology detection, and STR escalation protocols
• Board-level workshops to reinforce AML/CFT accountability at the leadership level
• Enhanced transaction monitoring strategy reviews, leveraging behavioural risk insights
• Policy and governance updates aligned to emerging typologies and industry best practices

Contact us today to explore how we can help you stay compliant, resilient, and forward-looking in your financial crime risk management approach. Find out more here.