Jonathan J. Rusch (photo courtesy of the author)
Since 2023, when Singapore Police arrested 10 people connected with Singapore’s largest-ever case of money laundering (involving S$3 billion in cash and assets)[1], the Monetary Authority of Singapore (MAS) has been conducting supervisory examinations against pertinent financial institutions with a nexus to persons of interest in that case and certain employees of those financial institutions.
On July 4, the MAS announced regulatory actions against nine financial institutions and prohibition orders and reprimands against 18 executives and managers of those institutions for failure to comply with MAS’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.[2] This post will summarize those actions and identify certain lessons to be learned for AML/CFT compliance.