The examinations also looked at the FI’s employees who fell short of MAS’s AML/CFT requirements.
The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to $27.45 million to nine financial institutions (FIs) for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.
The penalties come after the MAS completed its supervisory examinations against “pertinent” FIs with connections to persons of interest in Singapore’s record $3 billion money-laundering case in August 2023.
