- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-11-27T19:38:00
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore (MAS).
The MAS’s latest annual Financial Stability Review, published Monday, said 23 percent of chief risk officers at Singapore-based financial institutions reported money laundering and terrorism financing were perceived risks, up from just 2 percent in April.
As a result, money laundering and terrorism financing moved up on the list of perceptions of risk to the country’s financial system to fourth, behind macrofinancial risk, geopolitical risk, and technology/cyber risks. Money laundering and terrorism financing had been ranked seventh by financial institutions in April’s review.
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