Singapore’s Watchdog Cracks Down on Payment Firms Over Lax Money Laundering Defenses
Five payment firms in Singapore just learned a costly lesson about weak anti-money laundering controls and why it won’t fly under the radar. The Monetary Authority of Singapore (MAS) has issued $710,000 (S$960,000) in composition penalties after uncovering serious compliance failures across five licensed payment institutions. The firms (Remsea, Arcade Plaza Traders, J-Dee Remittance, Mobile Community Tech, and OxPay SG) were found to have fallen short of core safeguards meant to prevent financial crime.