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How banks can shore up defences against illicit financial flows

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    • Banks must do more to guard against money laundering, especially as criminals are increasingly exploiting technology.
    • Banks must do more to guard against money laundering, especially as criminals are increasingly exploiting technology. PHOTO: PIXABAY

    Athreya H.D.

    Published Tue, Jul 25, 2023 · 05:00 AM

    IN TODAY’S globalised financial ecosystem, the fight against money laundering and terrorism financing has become paramount. Financial institutions (FIs) play a critical role in safeguarding the integrity of the financial system.

    Recent penalties imposed by the Monetary Authority of Singapore (MAS) on four FIs illustrate the critical need for stringent protocols for anti-money laundering and countering the financing of terrorism (AML/CFT).

    Yet with digital evolution, financial crimes have become more complex, with criminals exploiting technology to launder illicit funds. FIs need to evolve to fortify their defences, protect clients, uphold the integrity of Singapore as a global financial hub, and contribute to a safer and more secure global economy.

    Money launderingTerrorism financingFinancial & markets regulation

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