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MAS to reveal details of illicit money cases

It'll also stop issuing $10,000 notes; formalise screening of bank customers

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Published Wed, Jul 2, 2014 · 10:00 PM

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[SINGAPORE] The Monetary Authority of Singapore (MAS) yesterday sounded a stern warning to financial institutions over breaches in laws linked to anti-money laundering and counter- terrorism financing.

This comes as it plans to publish details of more severe penalties on financial institutions linked to such breaches.

Given the risks involved in large-value cash transactions, MAS will stop issuing $10,000 notes from Oct 1. These notes make up less than 0.02 per cent of the total notes in circulation, it said.

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