Singapore MAS imposes S$27.45m in penalties on nine financial institutions
Singapore’s Monetary Authority (MAS) imposed combined penalties of S$27.45m on nine financial institutions for anti-money laundering and counter-terrorist financing control failures linked to a 2023 criminal case involving gambling and scam operations. The MAS said the breaches included weaknesses in customer due diligence, risk assessment, source-of-wealth checks and transaction monitoring.
The enforcement findings concern financial controls applied to customers linked to gambling-related money laundering investigations.