No significant funds from Myanmar companies, individuals in Singapore banks: MAS

THE Monetary Authority of Singapore (MAS) has not found significant funds from Myanmar companies and individuals in banks in Singapore as part of its regular surveillance of the banking system, it said on Tuesday.

In a statement issued in response to queries from the media, it said: "MAS expects financial institutions to remain vigilant to any transactions that could pose risks to the institution, including dealings with companies and individuals subject to financial sanctions by foreign jurisdictions."

It went on to highlight that it expects financial institutions in Singapore to always comply with MAS regulations which implement United Nations Security Council resolutions, and guard against fund flows that could be traced to illicit activities.

MAS added that it keeps a close watch on financial institutions to check that processes are in place for compliance, and takes enforcement actions when serious lapses occur.