The MAS' prescription for bifocal vision
Add BT as a preferred sourceANTI-MONEY laundering (AML) remains a continuing priority for the Monetary Authority of Singapore (MAS). It has consistently voiced its zero tolerance for money laundering and has maintained Singapore's reputation as a stable and secure jurisdiction for financial services. In addition to combating financial crime, this approach also generates confidence among global investors viewing the Republic as a top-tier financial services centre.
MAS OVERSIGHT: RECENT ACTIONS AND EXPECTATIONS OF FIs
The MAS regularly reviews financial institutions (FIs) for AML compliance and hence failures to comply with AML regulations remain a leading area of MAS enforcement. Recently, the MAS has had a lot to say on AML. For example, in July, following a review of AML processes at certain FIs, the MAS announced the following enforcement actions:
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