My firm is a fintech payment solutions and would like to apply for a payment license in Singapore. According to the legal requirements of the SG Monetary Authority, the applicant should provide two documents, one quantitative and one qualitative version of EWRA frameworks based on the MAS guidelines and notices.
Please refer closely to the MAS supervisory expectations regarding effective EWRA frameworks and processes in the below link:https://www.mas.gov.sg/publications/monographs-or-information-paper/2020/enhancing-robustness-of-enterprise-wide-risk-assessment-on-money-laundering-and-terrorism-financingAlso attach the useful documents.One of them is the sample EWRA (File name: firm-wide-risk-assessment-template), however, it was based on UK regulations. While the overall struture is acceptable as it overs key risk factors (such as customer risk, product and service risk, delivery channel risk, etc.) and corresponding mitigation measures, our version should elaborate on these details in paragraph format rather using a table format)Please use the MAS’s supervisory expectations pdf file regarding effective EWRA frameworks and processes. Please benchmark against these guidelines.
Preparation of EWRA in quantitative and qualitative versions according to the Singapore Monetary Regulations
March 7, 2025March 7, 2025
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