Combatting Money Laundering and Terrorism Financing
Combatting financial crime requires global effort as illicit fund flows are often cross-border in nature. MAS continues to work closely with fellow government agencies, international counterparts, and Financial Institutions (FIs) to protect our financial system against illicit activities. MAS’ approach is a risk-proportionate one, to maintain our status as a trusted financial centre, while keeping our system efficient and competitive.
Encouraging the Adoption of Effective and Efficient Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Practices that are Risk Proportionate
Ongoing
MAS continues efforts to raise FIs’ risk awareness and guide them in enhancing their controls in relation to requirements such as Source of Wealth (SoW) establishment.
MAS provided further guidance to FIs on risk proportionate SoW practices that help to improve effectiveness and efficiency by taking into account the risk principles of materiality and relevance.
FATF’s Assessment of Singapore’s AML/CFT Regime
6 May 2026
Upon the completions of its mutual evaluation of Singapore’s AML/CFT regime, the Financial Action Task Force (FATF)/Asia Pacific Group on Money Laundering (APG) issued the FATF ME report. The FATF/APG recognised Singapore’s efforts to maintain strong legal and regulatory frameworks governing AML/CFT measures, policies and capabilities, and affirmed Singapore’s robust supervision of our financial sector. The report also included recommendations to further enhance Singapore’s AML/CFT framework and processes.
Regulatory Action Against Nine FIs for Anti-Money Laundering-Related Breaches
4 July 2025
MAS imposed composition penalties amounting to S$27.45 million on nine FIs for breaches of MAS’ (AML/CFT) requirements. MAS found shortcomings in the areas of customer risk assessment, establishment and corroboration of source of wealth of customers who posed a higher risk of ML, transaction monitoring and Post-Suspicious Transaction Report follow-up.
Overall, MAS observed that while most of the FIs had established AML/CFT policies and controls, breaches arose out of poor or inconsistent implementation. The FIs involved have implemented remediation measures, including stronger oversight of staff tasked with implementing controls and checks.
Collective Effort to Safeguard Singapore’s Financial System from Illicit Activities
Ongoing
MAS will continue working closely with Police and other relevant agencies through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) to follow up on the case involving Prince Holding Group, and with relevant international counterparts to deter and enforce against bad actors who operate across different jurisdictions. Investigations and supervisory follow ups with key FIs with exposure to this matter are ongoing. MAS will continue to take a risk-proportionate approach to maintain our status as a trusted financial centre.