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DPM Heng Swee Kiat on AML

Contributed by Jarret Tham, Head of Compliance



"We want Singapore to be a financial center that people can trust." This was shared by Mr. Heng Swee Kiat, Deputy Prime Minister and coordinating minister for economic policies at the Forbes Global CEO Conference in Singapore.

In our relentless pursuit of being a shining beacon in the battle against money laundering and terrorist financing, Singapore reaffirms its commitment to heightened vigilance, ensuring that our financial systems remain untainted by illicit activities. This resolve comes amidst a sprawling money laundering investigation involving ten foreign nationals and assets exceeding S$1.8 billion in value.

This colossal money laundering probe, perhaps one of the largest in recent years, has ensnared prominent financial institutions, including DBS Group Holdings and Credit Suisse. Regulatory authorities in Singapore have meticulously unearthed vulnerabilities within our financial regulations, which have allowed the suspects to indulge in extravagant purchases of luxury goods, exclusive memberships, and high-value properties.

As technology continues to advance, criminals adapt and diversify their methods to elude detection, heightening the sophistication of organized crime. This presents an ongoing challenge for authorities and regulators to ensure that our policies remain relevant and regulatory standards robust. Singapore, renowned as a global financial center and investment hub, stands resolute in safeguarding the integrity and effectiveness of our financial systems.

As CYS Global Remit is a significant player within this extensive financial ecosystem, we are acutely aware of our role and the significance of our actions in combatting the misuse of financial systems for illicit purposes. Through the implementation of rigorous measures in our due diligence, pre and post-transaction monitoring, and risk mitigation processes, CYS remains highly vigilant. We continually seek innovative technologies to enhance our current systems and processes for the prevention of money laundering and uphold the integrity and trustworthiness of the financial center in which we proudly operate.

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