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.


This document summarises the key takeaways from two panel discussions, one on Explainability and another on Governance, that were held at the ACIP Workshop on implementing Data Analytics in AML/CFT. Additional resources that banks can tap on to develop their systems and staff are also identified in the document.


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


Industry Perspectives on Best Practices - Leveraging on Data Analytics and Machine Learning Methods for AML/CFT (issued: 27 March 2024)

This is a follow-up to the 2018 Data Analytics Industry Perspectives Paper, which provided an industry overview of the data analytics solutions adopted by FIs. Since then, the space has matured significantly, with successful implementations across various risk areas. This new paper updates the industry on the successful implementations of data analytics solutions and aims to inspire FIs into expanding their usage of the same.

Best practices for financial institutions to manage money laundering, terrorism financing and proliferation financing (ML/TF/PF) risks associated with receiving referrals from corporate service providers (issued: 06 February 2024)

This paper is produced by the ACIP working group on Legal Persons and Arrangements, as part of its ongoing work to consider and address risks in relation to the misuse of legal persons and arrangements. Specifically, this paper aims to set out best practices for financial institutions to review and adopt in order to manage ML/TF/PF risks associated with receiving referrals from CSPs.

Industry Perspectives on Best Practices – Management of Money Laundering, Terrorism Financing and Sanctions Risks from Customer Relationships with a Nexus to Digital Assets (issued: 11 July 2023)

This paper is produced by the ACIP working group on Digital Assets Risk Management. It aims to provide financial institutions (FIs) with a foundational framework to advance understanding and management of money laundering (ML), terrorism financing (TF) and sanctions risks arising from customer relationships with nexus to digital assets in the Singapore context. It also highlights “red flags” and best practices that FIs could adopt to identify, manage and mitigate the associated ML, TF and sanctions risks.

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.