VCC Anti-Financial Crime Rules: Key Points For Fund Managers

As part of the ongoing fight against the illicit flow of funds across borders, recent regulatory revisions from the Monetary Authority of Singapore ("MAS") have put proliferation financing ("PF") in the spotlight. Here's what financial institutions and fund managers need to know about the latest updates and how they promote good governance in the city-state.

Singapore prides itself as a jurisdiction with a strong regulatory and compliance framework, including a solid framework on anti-money laundering ("AML") and countering the financing of terrorism ("CFT"); known collectively as "Financial Crime", which includes AML, CFT and countering proliferation financing. The MAS recently updated this framework with regards to financial institutions ("FIs") and variable capital companies ("VCCs"), specifically in light of proliferation financing ("PF") assessments.