ABS, Singapore anti-ML group unveil new practice paper to enhance audits

Banks in Singapore are expected to review their audit practices against the paper.

The Association of Banks in Singapore (ABS) has launched a practice paper aimed at enhancing anti-money laundering audits in banks.

The paper sets out baseline standards and best practices for auditors to consider when conducting their anti-money laundering/ countering the financing of terrorism (AML/CFT) audits in their banks.

Banks in Singapore are expected to use the paper to review their existing audit practices and consider areas where they can enhance their AML/ CFT audit effectiveness.

ABS worked in partnership with the Anti-Money Laundering Audit Peer Group (AAPG) to develop the paper. AAPG is co-chaired by DBS and OCBC.

Other AAPG members include UOB, Citibank Singapore, Goldman Sachs (Singapore), GXS Bank, HSBC Singapore, MariBank, Standard Chartered Singapore, UBS AG Singapore Branch, UOB, BDO LLP, Deloitte, Ernst and Young, Forvis Mazards, KPMG, PwC, The Institute of Internal Auditors Singapore, and the Institute of Singapore Chartered Accountants.