The breaches were said to be identified when MAS examined the institutions’ compliance with the requirements of MAS Notice PSN01 on the prevention of money laundering and countering the financing of terrorism - specified payment services. The institutions were found to have “inadequate” AML/CFT controls, which resulted in multiple breaches of MAS’s AML/CFT requirements.
The Monetary Authority of Singapore (MAS) has imposed a total of $960,000 in composition penalties on five major payment institutions on June 27. These are: Remsea, Arcade Plaza Traders, J-Dee Remittance Services, Mobile Community Tech and OxPay SG, a wholly-owned subsidiary of SGX-listed OxPay Financial Limited.
These institutions, which are licensed to provide cross-border money transfer services, were fined for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements, said MAS in its June 27 statement.
