ARTICLE · 01 DECEMBER 2023

MAS Publishes Circular On Ensuring Effective Detection Of Sanctions-Related Risks

Shook Lin & Bok

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MAS generally expects financial institutions to have in place processes to effectively detect and manage sanctions-related risks.

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On 31 August 2023, the Monetary Authority of Singapore ("MAS") published a circular setting out additional guidance for financial institutions concerning the detection and management of sanctions-related risks.

This note summarises the key points from the circular.

Introduction

MAS generally expects financial institutions to have in place processes to effectively detect and manage sanctions-related risks. In particular, financial institutions are expected to be up-to-date on developments relating to all sanctions, including unilateral sanctions imposed by other jurisdictions that can impact its operations and customer relationships.

Through its circular, MAS has provided additional guidance in two key areas, which may enhance a financial institution's ability to detect and manage sanctions-related risks.

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