Singapore Authority sets up AML department

The Monetary Authority of Singapore (MAS) has announced establishing a dedicated anti-money laundering department aimed to combat illicit financial activities.

The regulator will set up a dedicated supervisory team in order to monitor illicit financing risks as well as carry out onsite supervision of how financial institutions manage these risks.

Before, these functions were carried out by different departments in MAS. Now, the new structure is to enhance supervisory focus.

Ravi Menon, Managing Director of MAS, said: “We will strengthen our supervision of financial institutions’ controls to combat money laundering and illicit financing. And we will enhance our enforcement capability to deter poor controls or criminal behaviour in the industry”.

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