The Minister’s remarks come after the MAS slapped composition penalties totalling $27.45 million to nine financial institutions for anti-money laundering and countering the financing of terrorism (AML/CFT) requirements on July 4.
Singapore will take a “risk-proportionate” approach in maintaining its status as a trusted financial centre, as opposed to a “zero-risk” approach, says Chee Hong Tat, Minister for National Development and deputy chairman of the Monetary Authority of Singapore (MAS).
“If we are overly kiasu, I think we will not be able to capture new opportunities,” adds Chee, who was speaking at a doorstop with media during his visit to DBS Bank on July 9.
