70 % co - funding support from the financial sector development fund gaining international mindshare to create greater international mindshare, ibf launched the financeconnectsingapore website to profile singapore ’ s financial sector, to provide more information on the career opportunities here and to promote singapore as a choice location to live, work and play. to date, the website has registered over 100, 000 visits. ibf recently partnered with contact singapore to provide a job portal for financial institutions to post job openings targeted at financial professionals from overseas. bringing value to ibf members i have outlined some of the initiatives undertaken by ibf over the past year. going forward, ibf will continue to take a proactive role in promoting best practices and thought leadership in talent management strategies. on thought leadership, i am delighted to warmly welcome our keynote presentation speaker professor ronald collard for this year ’ s annual conference. professor collard will speak on the topic of “ talent strategies for sustained profitable growth ”. i believe you will learn much from professor collard ’ s extensive experience and expertise in the area of talent strategies. i also wish to thank the panelists, david, richard, robert and mark for their participation, and look forward to a lively discussion later. as ibf management is quite confident that professor collard and our panel of speakers will whet your appetite for more learning, i am pleased to announce that we will be holding the beacon series for hr professionals in october and the distinguished speaker series for business leaders in november. the year ahead will be exciting. many of you have contributed to ibf in various ways. i wish to thank my fellow council members, the fics steering committee, the fics working group members, and ficps for your contribution to promoting the fics framework. let me extend my appreciation to our industry associations and partners, including the embassy of switzerland in singapore, swiss house singapore and swiss business hub asean for partnering ibf in its organization of the workshop on “ talent development in wealth management ” in november last year ; and pricewaterhousecoopers without whom we would not have had the pleasure of listening to professor collard today. i also wish to thank the singapore workforce development agency and the monetary authority of singapore, for their close collaboration with ibf. i look forward to more of such collaboration between ibf and our industry associations and partners in the year ahead. i wish you a fruitful session ahead.

risk that mas is focused on with respect to wealth inflows into singapore is potential money laundering. be it high net worth individuals, or sfos, mas expects financial institutions servicing them to apply stringent anti - money laundering controls. 10 / 16 bis - central bankers'speeches financial institutions are expected to conduct additional due diligence such as corroborating the customers'source of wealth. where doubts or suspicions are flagged as part of their due diligence, financial institutions have to take appropriate risk mitigation measures. these include not onboarding the customer or discontinuing the relationship. if there is suspicion of criminal activity, they have to file a suspicious transaction report. mas has been carrying out several onsite inspections to ensure that financial institutions'controls in the wealth management area continue to keep pace with money laundering / terrorism financing risks. in march this year, we issued a circular, telling financial institutions to be alert to additional money laundering / terrorism financing risks when dealing with legal persons and arrangements which are used for wealth management purposes, including family offices. family offices in singapore are already substantially covered for money laundering risks. multi family offices, which manage third - party funds and are licensed by mas, are already subject to the same anti - money laundering controls that we apply on all regulated financial institutions. likewise, the majority of sfos in singapore – which are granted tax incentives by mas – are required to have an account with a bank in singapore, and are thus subject to the anti - money laundering controls applied by our banks. the remaining sfos are likely to have engaged the services of other financial institutions or professional services entities such as lawyers or corporate service providers in singapore who are similarly required to apply suitable anti - money laundering measures on their clients. mas will take additional measures to strengthen surveillance and defence against money laundering risks in the sfo sector. specifically, we will require all sfos to : notify mas when they commence operations and also annually ; and maintain a business relationship with an mas - regulated financial institution that would perform anti - money laundering checks on these sfos. mas will soon release a public consultation paper on these proposals. even as we manage the risks posed by wealth inflows, it is important that the management of this wealth benefits singapore and serves a larger purpose. private banks in singapore, for instance, hire more than 15, 000 professionals, of which about 85 % are locals. they also generate business for other firms such as fund management companies