The infographic is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing (ML/TF) risks, and provide additional information to support their implementation of effective controls.
In Singapore, MAS has noted an upward trend of suspicious virtual asset transactions reports lodged with law enforcement, including transactions relating to scams, fraud, cybersecurity related offences, and darknet marketplaces. Law enforcement agencies have also taken a series of enforcement actions against illicit DPT activities.
The infographic outlines the key components of PS-N02, with which DPT service providers are expected to comply. Specifically, detailed guidance is provided in relation to requirements to assess risk in new products and technologies, enhanced CDD for PEPs and higher risk customers, ongoing monitoring of business relations and transactions, and value transfer requirements.
MAS also highlights that DPT service providers should conduct regular reviews of their policies, procedures and controls.
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