Singapore takes action against 69 financial institutions over lax money laundering compliance

By Christine Duhaime | July 11th, 2013

Singapore’s Monetary Authority of Singapore has issued a number of fines, warnings, reprimands and compliance orders to 69 financial institutions for multiple failures to comply with anti-money laundering and counter terrorist financing requirements. The move is Singapore’s effort to appear to be strengthening its anti-money laundering laws to preserve its reputation as the hub of Asia’s private banking and offshore industry.

Effective July 1 of this year, Singapore increased its money laundering fines for certain offences. Now, entities may be fined as much as $1 million.

In addition, 13 firms had their licences revoked or not renewed by the MAS as a result of lax money laundering controls.

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