Singapore

New Documents

MAS Launches Financial Sector AI, Data Analytics Talent Development Program

The Monetary Authority of Singapore launched a Financial Sector Artificial Intelligence and Data Analytics talent development program to tackle the skills shortage in the financial sector’s AI and data analytics domain.

May 26, 2023

MAS Consultation Paper Proposes Amendments to Payment Services Regulation

The Monetary Authority of Singapore released a consultation paper proposing amendments to the Payment Services Regulations 2019 and existing notices related to payment service providers.

May 22, 2023

NY Fed, MAS Publish Results of Cross-Border Payments Research Study

May 22, 2023

MAS Delivers Second Reading on Bill for AML/CTF Information-Sharing Platform Creation

May 17, 2023

MAS Responds to Parliamentary Question on Filing SMS Scam Claims

May 16, 2023

News

Midweek Roundup: Russian National Steps Down from Moneyval, US Domestic Terrorist Finances Moving Undetected, and More

Wirecard chief executive denies culpability, Credit Suisse breached sanctions against Russia, and more, in the midweek roundup.

March 22, 2023

Midweek Roundup: US Blacklists Chinese Companies Over Balloon Incursion, Another EU Lawmaker Charged in Bribery Probe, and More

U.S. banks criticize “fatally flawed” beneficial-ownership access proposal, U.K. regulator raises alarm over cryptocurrency ATMs, and more, in the midweek roundup.

February 15, 2023

Midweek Roundup: UAE, Turkey Face US Threats Over Sanctions Evasion, Britain Outlines Cryptocurrency Rules, and More

February 1, 2023

Midweek Roundup: US Ransomware SARs Spike, Check Counterfeiters Target Youth, and More

November 2, 2022

Midweek Roundup: Crypto Firms Drive European Surge in STRs, US Charges Chinese Spies, and More

October 26, 2022

Enforcement Actions

MAS Bans Former Deputy CEO of Singapore Branch of BSI Bank Limited for STR Failures

The Monetary Authority of Singapore issued a 10-year prohibition order against the former Deputy CEO and Head of Private Banking of Singapore branch of the Switzerland-based bank for contributing to suspicious transaction reporting failures.

October 12, 2022

MAS Fines UOB Kay Hian Private Limited S$375,000 for AML Failures, Other Misconduct

The Monetary Authority of Singapore imposed a penalty of $375,000 on the brokerage company for business misconduct and failing to comply with anti-money laundering and counterterrorist financing requirements.

September 1, 2022

MAS Fines Top Excel Distribution Network Ltd. Director $70,000 for Unlicensed Money Changing, Remittance Businesses

July 20, 2022

MAS Fines Vistra Trust (Singapore) Pte Limited S$1.1 Million for AML Failures

January 20, 2022

MAS Fines Bank J. Safra Sarasin Ltd Branch S$1 Million for AML/CTF Failures

April 14, 2021

Key Documents

Singapore Publishes Updated Version of CDSA

March 1, 2012

Singapore Issues Revised Counter-Terrorism Financing Legislation

January 2, 2011

Singapore Updates Legislation Establishing MAS

May 1, 2011

Singapore Regulator Issues Anti-Terrorism Regulations

September 30, 2002

Singapore Provides Banks with AML Guidance

July 2, 2007

Important Facts

  • The U.S. Department of State categorizes Singapore as a jurisdiction of primary concern. Singapore’s openness as an international financial, investment and transport hub exposes it to money laundering and terrorist financing risks. The country’s position as the most stable and prominent financial center in South East Asia, coupled with a regional history of transnational organized crime, large-scale corruption in neighboring states and a range of other predicate offenses in those states increase the risk that Singapore will be viewed as an attractive destination for criminals to launder their criminal proceeds. Limited large currency reporting requirements and the size and growth of Singapore’s private banking and asset management sectors also pose inherent risks. Among the types of illicit activity noted in the region are fund flows associated with illegal activity in Australia that transit Singapore financial service providers for other parts of Asia. There are two casinos in Singapore with estimated combined annual revenue of $4.83 billion in 2014. Given the scale of the financial flows associated with the casinos, there are concerns that casinos could be targeted for money laundering purposes. Singapore exempted the processing of gold and other precious metals from its Goods and Services Tax to attract a larger share of the trade in precious metals. Regionally, gold is often used as a commodity of choice in trade-based money laundering (TBML) schemes and is also used frequently in the settling of accounts in underground financial systems. Singapore hosts ten free trade zones which may be used for storage, repackaging of import and export cargo, assembly and other manufacturing activities approved by the Director General of Customs, in conjunction with the Ministry of Finance. Singaporean authorities recognize the vulnerability of these areas to trade fraud and TBML.
  • KYC covered entities:Banks, finance companies, merchant banks, life insurers, brokers, securities dealers, investment advisors, futures brokers and advisors, trust companies, approved trustees, and money changers and remitters.
  • STR covered entities:Banks, auditors, financial advisors, capital market service licensees, finance companies, lawyers, notaries, merchant banks, life insurers, trust companies, approved trustees, real estate agents, and money changers and remitters.
  • Enhanced due diligence procedures for PEPs: Foreign:Yes Domestic:Yes
  • Money laundering Criminal Prosecutions/Convictions: Prosecutions:111 (2014); Convictions:89 (2014)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 20 High :
Largely Compliant : 17 Substantial : 4
Partially Compliant : 3 Moderate : 6
Non-Compliant : 0 Low : 1

Singapore's technical compliance was re-rated in a Nov. 18, 2019 follow-up report

BASEL i

Rank : 102/141
Score : 4.56/10

TRANSPARENCY INTERNATIONAL i

Rank : 4/180
Score : 85/100

Tax Justice Network i

Rank : 5/133
Score : 65/100