quora
webinr-icon

“A Fintech’s Path to Rapid Growth with 100% KYC/KYB Compliance” - 7th November

Register Here

Singaporean Banks Enhance Security to Combat Financial Crime

n-img-News2- Singapore’s Banks

The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security measures to prevent illicit cash flow and combat digital terrorist financing through virtual assets. 

According to the MAS, Singapore firms are strengthening their security and risk assessment measures for potential money laundering and terrorist financing after seizing over $2 billion in the money laundering raid earlier this year from cyberattackers. The MAS published the Financial Stability Review, comparing April’s AML measures. They noticed the financial firms take severe steps against money laundering and terrorist financing, whilst the most considerable perceived risk continued to be macro-financial risk brought on by higher interest rates and weaker economic growth.

 The MAS stated, “money laundering and terrorism financing will continue to be a major challenge for global financial hubs, given their open capital accounts and large gross capital inflows.” The MAS also forced the regulatory bodies to engage with the financial industry, supervise the customer due diligence, and assist them in identifying as well as disrupting money laundering. Additionally, MAS urged financial institutes to comply with international measures to secure the AML system. It also forces regulatory bodies to ensure financial firms have adequate internal controls and procedures to detect, prevent, and mitigate money laundering and terrorism financing risks. The MAS also encourages financial institutions to adopt robust technology and the latest obligations to detect and prevent money laundering.

The MAS report also claimed that Singapore police have already blocked or confiscated assets worth over US $2 billion, including over 150 houses in the biggest probe of money laundering. It is a signal to secure the integrity of the country’s economic environment from various financial crimes. However, an investigation is still underway to see if the accused received illegal profits from international gambling operations and to monitor suspected banks that are involved in this scam. MAS also imposed hefty penalties on financial institutions that failed to comply with the AML requirements. Additionally, it urges them to report suspicious activities of the client and enhance real-time monitoring. According to the MAS, financial institutions must also provide regular reports and updates on their AML efforts.

Suggested Reads:

SINGAPORE CENTRAL BANK TO UTILISE AI TECHNOLOGY TO COMBAT MONEY LAUNDERING 

SINGAPORE UNDER HIGH SCRUTINY AMID MONEY LAUNDERING SCANDAL

SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING

Related Posts

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started