In response to queries on its anti-money laundering and countering the financing of terrorism regime, the Monetary Authority of Singapore said the Republic is firmly committed to maintaining its status as a clean and trusted financial centre.
SINGAPORE: Singapore’s regime for anti-money laundering and countering the financing of terrorism (AML/CFT) meets global standards - and the central bank's regulation and supervision of the financial sector has been evaluated by the International Monetary Fund as “among the best globally” the Monetary Authority of Singapore said on Wednesday (Jul 15).
It issued a statement in response to recent queries over its AML/CFT regime. The MAS said Singapore is firmly committed to maintaining its status as a clean and trusted financial centre. The country has "no tolerance for its financial system to be used as a refuge or conduit for illicit fund flows", MAS stated.
Its AML/CFT regime comprises four key elements, namely, strict regulation, rigorous supervision, effective enforcement, and close cross-border co-operation.
MAS said all financial institutions in Singapore are required to conduct stringent checks on the sources of their customer funds, including customer due diligence and regular account reviews. Financial institutions are required to monitor for and report any suspicious transactions.
On its part, MAS undertakes regular reviews to strengthen its regulatory regime and to mitigate emerging risks, it said. It also conducts regular on-site inspections to ensure that banks and other financial institutions comply with AML/CFT laws and regulations. And when breaches are found, MAS will take enforcement actions, ranging from formal warnings, reprimands, restriction on operations, to financial penalties and revocation of licences.
Between April 2013 and March 2014, MAS said it conducted 83 AML/CFT inspections, issued nine supervisory warnings and reprimands, restricted the operations of six financial institutions, and revoked the licences of two remittance agents. It also fined five financial institutions for breaches of AML/CFT requirements.
In the global fight against money laundering and terrorism-funding, MAS said Singapore authorities have established effective channels to facilitate international co-operation and exchange of information.
The central banks adds that taking a tough stance on financial crime and keeping the financial sector clean is critical to Singapore's reputation and development as an international financial centre.
SINGAPORE: Singapore’s regime for anti-money laundering and countering the financing of terrorism (AML/CFT) meets global standards - and the central bank's regulation and supervision of the financial sector has been evaluated by the International Monetary Fund as “among the best globally” the Monetary Authority of Singapore said on Wednesday (Jul 15).
It issued a statement in response to recent queries over its AML/CFT regime. The MAS said Singapore is firmly committed to maintaining its status as a clean and trusted financial centre. The country has "no tolerance for its financial system to be used as a refuge or conduit for illicit fund flows", MAS stated.
Its AML/CFT regime comprises four key elements, namely, strict regulation, rigorous supervision, effective enforcement, and close cross-border co-operation.
MAS said all financial institutions in Singapore are required to conduct stringent checks on the sources of their customer funds, including customer due diligence and regular account reviews. Financial institutions are required to monitor for and report any suspicious transactions.
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On its part, MAS undertakes regular reviews to strengthen its regulatory regime and to mitigate emerging risks, it said. It also conducts regular on-site inspections to ensure that banks and other financial institutions comply with AML/CFT laws and regulations. And when breaches are found, MAS will take enforcement actions, ranging from formal warnings, reprimands, restriction on operations, to financial penalties and revocation of licences.
Between April 2013 and March 2014, MAS said it conducted 83 AML/CFT inspections, issued nine supervisory warnings and reprimands, restricted the operations of six financial institutions, and revoked the licences of two remittance agents. It also fined five financial institutions for breaches of AML/CFT requirements.
In the global fight against money laundering and terrorism-funding, MAS said Singapore authorities have established effective channels to facilitate international co-operation and exchange of information.
The central banks adds that taking a tough stance on financial crime and keeping the financial sector clean is critical to Singapore's reputation and development as an international financial centre.
