The Business Times
business-time-50

How banks can shore up defences against illicit financial flows

google-preferred-sourceAdd BT as a preferred source
    • 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

    TRENDING NOW

    The house sits on a road just off Bishops Avenue, a north London street known as “Billionaire’s Row”.

    Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Asean is now in a position to revisit the idea of a bloc-to-bloc agreement with the EU.

    EU and Asean at 50: time for bold action

    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