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Singapore financial regulator takes financial institutions to task for anti-money laundering breaches

Monetary Authority of Singapore MAS is Singapores central bank and financial regulatory authority established in 1971
Photo: Getty Images

Anthony Xavier I Ocorian, Billie-Jo Dixon I Ocorian

2 min read
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Large fines from the MAS send a clear signal to firms to ensure their AML compliance frameworks are up to scratch.

In just one week, the MAS (Monetary Authority of Singapore) has imposed composition penalties totalling more than S$28m ($21.7m) on multiple financial institutions, including payment service providers.

Alongside this, the regulator has also issued prohibition orders and reprimands on individuals – for breaches of its Anti-Money Laundering and Countering

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