Singapore Singapore

New Documents

The Monetary Authority of Singapore replied to a parliamentary question regarding financial institutions’ reporting requirements concerning amounts lost to scams by their customers.

The Monetary Authority of Singapore (MAS) introduced the Financial Institutions (Miscellaneous Amendments) Bill 2024, which seeks to enhance and align MAS’s investigative, reprimand, supervisory and inspection powers across various laws.

Enforcement Actions

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.

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

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)


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


Rank : 102/141
Score : 4.56/10


Rank : 4/180
Score : 85/100

Tax Justice Network i

Rank : 5/133
Score : 65/100