The Monetary Authority of Singapore (MAS) is planning to strengthen its anti-money laundering and counter-terrorism financing regime by requiring banks to conduct wider risk assessments, deputy managing director Ong Chong Tee said today.

Speaking at an annual seminar on financial crime, Ong explained that banks' assessments have largely focused on the processes for identifying and dealing with customers that posed a high risk.

"This level of risk assessment is necessary but insufficient now," he