Central Bank of Singapore Identifies Banking Sector as Top Money Laundering Risk

Singapore’s central bank has identified the banking sector as the highest money laundering risk in its Money Laundering Risk Assessment Report. 

The report, released by the Monetary Authority of Singapore (MAS), highlights significant risks in digital assets and cryptocurrencies. To combat these threats, MAS has enforced stringent regulations under the Payment Services Act, requiring digital payment token providers to obtain licenses and comply with anti-money laundering measures. 

The banking sector’s extensive services and transaction scale make it vulnerable to various money laundering schemes, prompting MAS to conduct regular inspections and industry engagements to uphold robust AML/CFT standards.

Clever Robot News Desk 24^th June 2024