Singapore Singapore

New Documents

MAS, Mastercard Sign MOU to Enhance Cooperation in Cybersecurity

The Monetary Authority of Singapore and Mastercard signed a memorandum of understanding to enhance cooperation in cybersecurity, aimed at strengthening cyber resilience in Singapore’s financial services sector.

April 16, 2024

MAS Responds to Parliamentary Question on Tools to Combat Phishing Scams

The Monetary Authority of Singapore provided answers to parliamentary questions concerning the Shared Responsibility Framework for phishing scams and the take-up rate of the Money Lock feature offered by local banks.

April 11, 2024

MAS Announces Amendments to Payment Services Act

April 11, 2024

Singapore Launches New Platform to Combat Financial Crime

April 2, 2024

MAS Extends Temporary Suspension on Non-Bank Channels for Cross-Border Remittances to China

April 2, 2024

News

Midweek Roundup: Nigeria Prepares Binance Charges, ‘Micro-Debit’ Scheme Duped Banks, and More

Sanctions evaders adopt Tether, Gunvor settles bribery case, and more, in the midweek roundup.

April 3, 2024

Midweek Roundup: ‘Cyber Event’ Targets Canadian FIU, Netherlands Fines VASP, and More

U.K. officials pitch FATF gray-list plan, money laundering cases rise and fall in Malta, and more, in the midweek roundup.

March 13, 2024

Weekly Roundup: UK Bribery Scandal Used US Bank Account, Germany Fines Solaris, and More

March 8, 2024

Weekly Roundup: ICBC Settles US Regulatory Cases, EU AML Reforms Advance, and More

January 19, 2024

Midweek Roundup: TD Bank Kept US Probe Secret, Morgan Stanley Assists Russian Oil Deal, and More

January 10, 2024

Enforcement Actions

Singapore GRA Fines Sentosa Pte. Ltd. S$2.25 Million for AML/CTF Violations

The Gambling Regulatory Authority of Singapore imposed financial penalties totaling S$2.25 million on the gambling company for failing to conduct customer due diligence as required under the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009.

December 13, 2023

Singapore Customs Fines Hydronav Services (Singapore) Pte Ltd. Over S$1.1 Million for Export Control Violations

Singapore Customs penalized the Singapore-based company for its failure to adhere to export restrictions.

September 25, 2023

MAS Issues Nine-Year Prohibition Orders Against Three Arrows Capital, Pte. Ltd., Founders

September 15, 2023

Singapore Regulator Fines Three Banks, Insurer S$3.8 Million for AML Violations

June 21, 2023

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

October 12, 2022

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