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MAS Fines 5 Firms $960k for Anti-Money Laundering Lapses
The Straits Times
|July 01, 2025
The Monetary Authority of Singapore (MAS) has fined five major payment institutions a total of $960,000 for breaches of its anti-money laundering and countering the financing of terrorism requirements.
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The five firms, licensed to provide cross-border money transfer services, are Remsea, Arcade Plaza Traders (APT), J-Dee Remittance Services (J-Dee), Mobile Community Tech (MCT) and OxPay SG.
"Overall, the breaches exposed the major payment institutions to the risk of being used as a conduit for financial crime," MAS said in a statement on June 27.
Among the lapses was the failure to conduct adequate customer due diligence measures.
"Additionally, the failure to provide information relating to wire transfer originators and wire transfer beneficiaries of cross-border wire transfers undermines the transparency and traceability of the movement of funds," it said.
MAS added that the five institutions have established plans to remediate the findings, and it will monitor their progress.
Dit verhaal komt uit de July 01, 2025-editie van The Straits Times.
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