The Business Times
business-time-50
HOCK LOCK SIEW

New tech may boost tracking of potential money launderers, information exchange

google-preferred-sourceAdd BT as a preferred source
Yong Hui Ting

Yong Hui Ting

Published Thu, Sep 14, 2023 · 05:00 AM
    • Singapore is sparing no expense to protect its reputation as a clean and trusted financial centre with a strong deterrence against financial crimes.
    • Singapore is sparing no expense to protect its reputation as a clean and trusted financial centre with a strong deterrence against financial crimes. PHOTO: BT FILE

    SUSPICIOUS transaction reports (STRs) filed by financial institutions are believed to have played a key role in triggering a multi-billion-dollar anti-money laundering bust in Singapore.

    Home Affairs and Law Minister K Shanmugam said authorities started the investigations because “we had reason to believe that these people had committed offences in Singapore”.

    He added that the police started looking into the matter based on STRs filed by financial institutions, as well as intelligence and other pieces of information.

    Hock Lock SiewMoney laundering

    TRENDING NOW

    The changes include more time for single-family offices to hire investment professionals, and less onerous monitoring of minimum AUM in designated investments.

    MAS eases family office tax rules, widens AML checks as Singapore vies for global wealth

    BYD’s rise to become the No 1 passenger-car seller in Singapore can be described as explosive. 

    How BYD disrupted Singapore’s car market – and why the strategy is turning on itself

    The Vietnamese economy has long relied heavily on bank lending, straining commercial banks as they shoulder the bulk of the financing needed by companies and large infrastructure projects.

    Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks

    SGX’s adjusted net profit jumped 25% year on year to S$759.5 million in FY2026.

    SGX’s record year masks Singapore’s equities challenge

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More