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

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

Anthony Xavier I Ocorian, Billie-Jo Dixon I Ocorian; Ocorian

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

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