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Singapore: MAS revokes Apical Asset Management's CMS licence for AML/CFT breaches

The Monetary Authority of Singapore ('MAS') announced, on 28 July 2020, that it has revoked the Capital Markets Services ('CMS') licence of Apical Asset Management Pte. Ltd for serious breaches of MAS' anti-money laundering/countering the financing of terrorism ('AML/CFT') requirements. In particular, MAS highlighted that Apical Asset Management did not have basic AML/CFT policies and procedures in place, which exposed Apical Asset Management to the risk of receiving and/or laundering the proceeds of crime. Furthermore, MAS outlined Apical Asset Management had not conducted an enterprise-wide AML/CFT risk assessment, assessed its customers to determine whether they presented a higher risk, conducted enhanced monitoring of a fund related to a politically exposed person for a significant length of time, or subjected its AML/CFT controls to independent audits to assess their effectiveness.

You can read the press release here.