Mr. ONG Chong Tee Delivers Keynote Speech at ACAMS’ 9th Annual APAC Conference

ONG Chong Tee

At the ACAMS 9th Annual AML & Financial Crime Conference – Asia Pacific in Singapore, Mr. ONG Chong Tee, deputy managing director, Monetary Authority of Singapore, shared updates to MAS’s revised approach to regulation, supervision and enforcement, and announced a new initiative (ACIP). Mr. ONG Chong Tee explained that an ongoing challenge is that threats are ever evolving and illicit flows are often cut across jurisdictions and economic sectors. With this, Mr. ONG Chong Tee shared the importance of taking holistic measures to address money laundering and terrorist financing (TF) risks. As part of Singapore’s initiative to fight against ML/TF, they have developed a “comprehensive legal and regulatory framework.”

Moreover, as part of his keynote speech, Mr. ONG Chong Tee explained MAS’s framework for the financial sector’s AML/CTF defenses. This framework involves four key elements: progressive regulations, intensive supervision, rigorous enforcement and international cooperation and industry partnerships. To read his full speech, click here.

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