Singapore central bank creates AML and enforcement departments
Shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector
The Monetary Authority of Singapore (MAS) is setting up dedicated departments for anti-money laundering (AML) and enforcement, it announced today (June 13). They will be operational from August 1.
Announcing the changes, the MAS said the "increasing complexities of transnational flows" require a "heightened supervisory focus on combatting money laundering and other illicit financing activities".
Last month, it shut down BSI Bank, a Singapore merchant bank, citing "serious breaches" of AML
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