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SG Banks Tighten AML

A report by CYS Global Remit Legal & Compliance Office


Singapore's recent crackdown on a money laundering network involving over S$2.8 billion in assets has sent ripples through the Asian financial hub.


As a response, Singapore banks are taking a closer look at clients of Chinese heritage who hold passports from other countries and their associated investments, in light of this significant money laundering case. The scrutiny has led some international banks to close accounts for clients hailing from countries like Cambodia, Cyprus, Turkey, and Vanuatu. Others are assessing new accounts and transactions from similar clients on a case-by-case basis.


These measures signify an expansion of Singapore's anti-money laundering efforts following the detention of ten affluent Chinese nationals and the seizure of assets totalling more than S$2.8 billion, encompassing cash, cryptocurrencies, and real estate.


The Monetary Authority of Singapore is actively engaging with financial institutions and has issued stern warnings of penalties for any breaches of anti-money laundering laws. Notably, China strictly prohibits dual citizenship, limiting visa-free travel for those holding Chinese passports compared to citizens of countries like Cyprus, a European Union member.


CYS Global Remit is committed to adhering to the guidelines and notifications provided by the Monetary Authority of Singapore and our AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) Policy. We stand ready to terminate any business relationships with customers suspected of engaging in illegal activities or using unlawfully acquired funds, ensuring compliance with all regulatory measures.


Singapore remains resolute in its commitment to upholding a pristine financial system, a commitment underscored by its rigorous approach to combating money laundering. The recent high-value money laundering case has spotlighted the significance of a multifaceted strategy in safeguarding the integrity of the nation's financial institutions, especially for major payment institutions including CYS Global Remit.

The Monetary Authority of Singapore (MAS) has been at the forefront, unwavering in adapting its three-pronged approach to tackle money laundering risks.

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