AML/CFT INDUSTRY PARTNERSHIP (ACIP)

The AML/CFT Industry Partnership (ACIP) is a private public partnership established in April 2017. It brings together the financial sector, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate key and emerging money laundering and terrorism financing risks facing Singapore. The co-chairs are the Commercial Affairs Department of the Singapore Police Force and Monetary Authority of Singapore. ACIP’s Steering Group currently comprises the Association of Banks Singapore (ABS) and 8 banks. Expert working groups are created by the Steering Group to study identified areas of interest; these working groups induct members outside of the Steering Group to provide added expertise and wide-ranging perspectives.

ACIP INDUSTRY DIALOGUE (14 May 2018)

The keynote speeches delivered at the Dialogue can be found below.

BEST PRACTICE PAPERS

Industry Perspectives – Adopting Data Analytics Methods for AML/CFT (issued: 29 November 2018)

This paper is produced by the ACIP working group on Data Analytics. It shares the experiences of ACIP member banks in deploying data analytics across a range of use cases. The paper also indicates areas in AML/CFT analytics where closer industry and private-public collaboration could reap significant benefits.

Best Practices for Countering Trade Based Money Laundering (issued: 18 May 2018)

This paper is produced by the ACIP working group on Trade-Based Money Laundering (TBML). It highlights common TBML “red flags” and recent typologies and sets out industry best practices for the identification and mitigation of TBML risks.

Legal Persons – Misuse Typologies and Best Practices (issued: 18 May 2018)

This paper is produced by the ACIP working group on Legal Persons. It highlights recent typologies involving the misuse of companies and other legal persons. The paper also highlights the “red flags” that led to detection of these typologies, and sets out industry best practices that could detect or prevent such abuses.