quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines

image3

The Monetary Authority of Singapore (MAS) has imposed $7.8m fines on financial sector businesses, $7.1m from these penalties were crimes related to not complying with AML and CFT regulations. 

Singapore regulatory authority MAS imposed $7.1m worth of financial fines and composition from the reporting period of Jan 1, 2022, to June 30, 2023, over shortcomings in the AML and CFT compliance measures. MAS released this information in their fourth enforcement report on September 19, which disclosed the data of all actions taken against businesses, financial institutes, and individuals for money laundering, financial crimes, and misused services. 

According to the report, 39 financial crime convictions were made of individuals involved in marketing misconduct and money laundering-related offenses. It also issued 18 seizing orders against companies conducting inadequate due diligence with joint investigations of the Singapore Police Force and Commercial Affairs Department (CAD). The MAS investigated a number of high-profile cases in this period. Among these is the inquiry of four financial institutions linked with Noble Group Limited, Three Arrows Capital, and individuals connected to Wirecard. Additionally, civil penalties of $12.96 million were assessed against one business for disclosure-related violations, two persons for insider trading and fraudulent trading, and one individual for violating the related data breaches.

The MAS also addressed that in 2023 and 2024, they will enhance their supervision and enforcement priorities to tackle financial crimes through digital assets. The regulatory body disclosed that it would collaborate with international regulation authorities and law enforcement agencies to monitor all transactions in virtual ecosystems. MAS also implied that financial institutes must comply with the latest identity verification regulations to combat money laundering and terrorism financing. It will also continue to focus on managing online digital assets through relevant laws and obligations.

The Executive Director of the MAS stated, “MAS has taken strong enforcement actions and deepened relationships with our partners to uphold the integrity and reputation of Singapore as a trusted financial centre. Even as the novelty and complexity of our cases increase, we will continue to administer an effective and fair enforcement regime in order to deter misconduct, protect consumers, and maintain investor confidence.” 

Suggested Reads: 

SINGAPORE UNDER HIGH SCRUTINY AMID MONEY LAUNDERING SCANDAL
SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING
SINGAPORE SEIZES $736M WORTH OF ASSETS IN MONEY LAUNDERING INVESTIGATION

Related Posts

News

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

News

Officials Concerned about the Russian Money Laundering Done Through the UK

The top officials in the UK have shown their concerns about the disturbing regularity of the Russ...

Officials Concerned about the Russian Money Laundering Done Through the UK Explore More

News

Surge in Identity Theft Frauds During Covid-19

According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...

Surge in Identity Theft Frauds During Covid-19 Explore More

News

Cyprus to Test UBO Registration System for AML Compliance

The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...

Cyprus to Test UBO Registration System for AML Compliance Explore More

News

US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor

Iraq’s currency may get uplifted after the meeting between the US top treasury officer and the he...

US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor Explore More

News

Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

News

African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing

The African Federal Government stressed the urgent teamwork needed to combat money laundering, te...

African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing Explore More

News

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws

Lawyers in Nigeria are being instructed to follow anti-money laundering and terrorist financing l...

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws Explore More

News

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws

Monrovian embassy of the United States’s ambassador, Micheal A. McCarthy, supports the National R...

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws Explore More

News

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements

A group of lawmakers have approved the revision of America’s money laundering laws after 20 years...

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements Explore More

News

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’

The Bank of England along with the British Government plans to set up a task force to create digi...

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’ Explore More

News

UAE Strengthens AML Measures to Bolster Virtual Asset Framework

The UAE’s anti-money laundering and counter-terrorism financing department stated it continues bo...

UAE Strengthens AML Measures to Bolster Virtual Asset Framework Explore More

News

Danish Gaming Regulator Sanctions Unibet Over AML Violations

Spillemyndigheden, the Danish Gaming Regulatory Authority has sanctioned Unibet for failing to co...

Danish Gaming Regulator Sanctions Unibet Over AML Violations Explore More

News

FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms

FATF has published a report to call on the countries to the implementation of travel rules to und...

FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms Explore More

News

UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF

In the latest Economic Integration Committee meeting, the UAE’s financial regulatory authorities ...

UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF Explore More

News

RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening

KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...

News

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

News

‘Businesses need to brace for Iranian Cyberattacks’ – warns Homeland Security

The news of the assassination of Iranian military commander, Qaem Soleimani, is all over the medi...

‘Businesses need to brace for Iranian Cyberattacks’ – warns Homeland Security Explore More

News

UAE Extends the Deadline for DNFBPs to Register for AML Regulations

The Ministry of Economy (MoE) in Abu Dhabi has announced the deadline extension for the registrat...

UAE Extends the Deadline for DNFBPs to Register for AML Regulations Explore More

News

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate

Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate Explore More

News

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

News

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft

The Senate of Oklahoma has approved a bill to take strict measures against those involved in the ...

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft Explore More

News

FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance

The Financial Action Task Force (FATF) highlighted a regulatory gap in the compliance system for ...

FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance Explore More

News

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk

The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.  AUST...

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk Explore More

News

FinCEN Proposes the Designation of Eligible Customers as Exempt Person

As a part of the Paperwork Reduction Act of 1995, the Financial Crime Enforcement Network (FinCEN...

FinCEN Proposes the Designation of Eligible Customers as Exempt Person Explore More

News

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

News

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus

Data published by Russian cybersecurity firm Kaspersky depicts that Singapore has witnessed a sud...

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus Explore More

News

Swedbank Fined And Remains Under Investigation by US Authorities

As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

Swedbank Fined And Remains Under Investigation by US Authorities Explore More

News

Fintech funding dwindles amidst Coronavirus pandemic

Fintech funding reduced at the beginning of 2020 because the COVID-19 outbreak began to hit late ...

Fintech funding dwindles amidst Coronavirus pandemic Explore More

News

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams

FBI and the U.S. Marshals Service have warned of prevailing telephone fraud in which callers act ...

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams Explore More

News

Adelaide Casino to Face Court Action Over AML/CTF Violations

AUSTRAC has revealed the beginning of civil penalty proceedings in the Federal Court against SkyC...

Adelaide Casino to Face Court Action Over AML/CTF Violations Explore More

News

Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally

Central Bank in Kyrgyzstan has given out recommendations for regulating the crypto industry and g...

Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally Explore More

News

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe

ECB and BaFin have told Deutsche Bank that they are “not satisfied” with its probe into mis-selli...

Regulators Criticise Deutsche Bank over Forex Mis-selling Probe Explore More

News

Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox

The Saudi Arabian Monetary Authority (SAMA) announced that it has allowed nine more FinTech firms...

Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox Explore More

News

Crypto exchange owner admits laundering $1.8M in online auctions fraud

Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

News

Japan’s regulator verifies 2 new digital currency alliances

Financial regulators in Japan have approved two organizations to act as digital currency associat...

Japan’s regulator verifies 2 new digital currency alliances Explore More

News

Half of Anti-malware Products fail to Recognize Notable Threats

According to a new report by SE labs, Most popular, well-established cybersecurity solutions do n...

Half of Anti-malware Products fail to Recognize Notable Threats Explore More

News

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compar...

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams Explore More

News

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud

Ex NFL player has been found guilty to one count of unauthorized access device fraud and one coun...

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud Explore More

News

International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks

Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlight...

International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks Explore More

News

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations

The U.S financial regulators are to work collectively to develop modalities for explicit crypto r...

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations Explore More

News

Revised Financial Regulations in South Korea Now Covers Crypto Investors

The financial regulators in South Korea announced that domestic crypto investors would be covered...

Revised Financial Regulations in South Korea Now Covers Crypto Investors Explore More

News

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

News

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator

A US federal regulator has said that the first federally-chartered digital asset bank Anchorage D...

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator Explore More

News

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline

The real estate industry in the UK is being constantly reminded that the deadline for registering...

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline Explore More

News

FirstBank of Nigeria Continues Commitment to Combating Money Laundering

Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...

FirstBank of Nigeria Continues Commitment to Combating Money Laundering Explore More

News

UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021

London incurred the highest amount of losses to cybercrime and fraud in the first half of 2021, a...

UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021 Explore More

News

Bulgaria Must Strengthen its Measures Against Money Laundering & Terrorist Financing – Moneyval

Moneyval called on Bulgaria to improve the regulatory standards for the domestic framework consis...

Bulgaria Must Strengthen its Measures Against Money Laundering & Terrorist Financing – Moneyval Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

Israel Enforces New Regulations for the Transfer of Digital Currency

The new digital currency regulations will allow Israeli banks to profit from cryptocurrency tradi...

Israel Enforces New Regulations for the Transfer of Digital Currency Explore More

News

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

News

Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities

Europol and EU member states along with Eurojust and Frontex have launched Operation Oscar to ass...

Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities Explore More

News

UAE Central Bank Imposes Dh352k Fine on Currency Exchange

The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

News

Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering

Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...

Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering Explore More

News

South African Government Passes Key AML and CFT Laws to Fight Financial Crimes

South African government passes two significant laws to implement Anti Money Laundering and Count...

South African Government Passes Key AML and CFT Laws to Fight Financial Crimes Explore More

News

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

News

UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering

UAE stepped up and seized $354 million worth of assets from March to mid-July 2023 in the fight a...

UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering Explore More

News

Iran’s President Has Called for Legal Framework For Crypto Trading

Hassan Rouhani, the Iranian President, wants to legalize crypto trading and safeguard national in...

Iran’s President Has Called for Legal Framework For Crypto Trading Explore More

News

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach

On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach Explore More

News

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams

FBI and the U.S. Marshals Service have warned of prevailing telephone fraud in which callers act ...

FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams Explore More

News

ACRA Cancels Registration of Company for AML/CFT Failures

The Accounting and Corporate Regulatory Authority (ACRA) has revoked the registration of a compan...

ACRA Cancels Registration of Company for AML/CFT Failures Explore More

News

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US

The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Mon...

Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US Explore More

News

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

News

More than HK$8 Billion has been Laundered through Hong Kong Banks in 2020

Victims of online, phone and investment scams have been conned out of more than HK$8 billion (1.0...

More than HK$8 Billion has been Laundered through Hong Kong Banks in 2020 Explore More

News

UAE Delegation to Visit the US to Discuss AML Initiatives

The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...

UAE Delegation to Visit the US to Discuss AML Initiatives Explore More

News

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate

Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate Explore More

News

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh Explore More

News

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

Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

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

News

Kuwait’s Largest Money Laundering Lawsuit, The Malaysian Fund Case Comes to An End

Kuwait’s criminal court has put an end to the largest money laundering case by ruling the family ...

Kuwait’s Largest Money Laundering Lawsuit, The Malaysian Fund Case Comes to An End Explore More

News

Aussies Bombarded With Scams in 2022 – ACCC Report

The Australian Competition and Consumer Commission (ACCC) reported Aussies as the top target of s...

Aussies Bombarded With Scams in 2022 – ACCC Report Explore More

News

Chinese regulators extend financial support to bring Hong Kong, Macau closer

China’s financial regulators revealed an extensive plan to ease investments and cross-border tran...

Chinese regulators extend financial support to bring Hong Kong, Macau closer Explore More

News

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks

The famous gaming giant, Capcom, is being blackmailed by cyberattackers to pay $11 million bitcoi...

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks Explore 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