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

Richard M.

September 20, 2023

3 minutes read

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 center. 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.”

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