The Monetary Authority of Singapore (MAS) is the main anti-money laundering regulator of financial institutions in the country. There are three other regulators overseeing anti-money laundering requirements for entities in different sectors:
Money laundering offences are contained in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
In general, companies are required to establish a system that evaluates their customers’ or clients’ identities, sources of wealth and nature of their businesses with the goal of identifying and verifying (where possible) their ultimate beneficial owners (for entities), nature and patterns of transactions expected for such customers, political exposure, or state ownership, and thus determining the level of customer due diligence needed using a risk-based approach.
Financial institutions and other regulated businesses are required to file Suspicious Transaction Reports (STRs) to Singapore’s financial intelligence unit the Suspicious Transaction Reporting Office (STRO) if a personnel has reason to suspect that the proceeds of any transaction could have been used in criminal conduct. Failing to do so could entail a penalty of up to SGD 500,000 for companies and SGD 250,000 and/or imprisonment up to three years. Large cash transactions exceeding SGD 10,000 should also be reported as a Cash Transaction Report to the STRO.
Regulated business must maintain customer due diligence and transaction data and information for at least five years. The failure to comply with the anti-money laundering provisions under the CDSA could be liable to a fine of up to SGD 1,000,000, and other possible sanctions such as suspension or revocation of business licenses, removal of directors and the banning of sanctioned persons from engaging in the regulated business activities.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.