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Abuse of Financial System for Illicit Activities - MAS Won't Tolerate

Contributed by Jarret Tham, Head of Compliance

The collaboration of stakeholders within the financial system to counter money laundering is prominently underscored in the article published by the Monetary Authority of Singapore (MAS). Highlighting a resolute stance against the exploitation of the financial system for illicit activities, MAS shared of its close collaboration with the commercial affairs department (CAD) and Financial institutions (FIs) with an investigation that ultimately led to the arrest of 10 foreign individuals suspected having committed forgery and money laundering. This was triggered after CAD had picked up on red flags from intelligence and information form suspicious transactions reports by FIs. This goes to show that, Singapore, despite being a global financial hub, is not immune to the risks of transnational money laundering and terrorist financing risk.

In the article, MAS emphasizes its commitment to treating offenses related to money laundering and terrorist financing with utmost seriousness. Stringent action will be taken against entities found to have breached MAS's rigorous Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements or demonstrated inadequate controls in this domain. MAS stands dedicated to collaborating with financial institutions (FIs) to continuously fortify our defenses against these risks.

At CYS, we fully grasp the significance of the battle against money laundering and terrorist financing, as well as our pivotal role in it. Recognizing the ever-evolving tactics employed by malicious actors in their illicit endeavors, CYS has implemented an array of initiatives over the past year. These initiatives encompass the deployment of our Transaction Monitoring Compliance (TMC) System, enhancements to fraud detection via Biometric authentication systems, and a comprehensive review of our existing processes and systems. These measures bolster our capabilities in countering such activities.

Note: The article "MAS Will Not Tolerate the Abuse of Our Financial System for Illicit Activities" was published on MAS website on 16 August 2023


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