REMITTANCE agent Raffles Money Change (RMC), which was among the financial institutions censured for links to questionable 1MDB fund flows, said on Friday it has had a history of reporting suspicious transactions to the authorities. It said it would improve its compliance procedures.

RMC was censured by the Monetary Authority of Singapore (MAS) for failing, among other things, to verify the authenticity of remittance instructions.

"The management of RMC has always cooperated with the MAS, assisting fully in providing any information requested for. Over the years, whenever it comes across any suspicious transactions, the RMC would report them to the relevant authorities," it said in a media statement.

"The management of RMC believes in having in place strong internal controls and risk management policies, and is constantly working to improving its compliance procedures. It has always, and will continue to, work closely with the MAS to address any issues as required."