MAS Fines 5 Payment Firms $960_000 for Anti-Money Laundering Lapses

MAS fines 5 payment firms $960_000 for anti-money laundering lapses

Breaches include failure to conduct adequate customer due diligence measures. ...

MAS fines 5 payment firms $960,000 for anti-money laundering lapses

Breaches include failure to conduct adequate customer due diligence measures. Read more at straitstimes.com.

Two property agents fined for involvement in S$3 billion money laundering case

The Council for Estate Agents (CEA) has fined two property agents for their failure to conduct customer due diligence (CDD) measures on their clients who were connected to the S$3 billion money laundering case.

Prudential Authority sanctions three banks for FICA breaches – Moonstone Information Refinery

The Prudential Authority (PA) has imposed administrative sanctions on three banks for non-compliance with certain provisions of the Financial Intelligence Centre Act (FICA). The PA, operating within the administration of the South African Reserve Bank, is mandated to supervise and enforce compliance by accountable institutions with FICA. The SARB publicised the sanctions this month, although the non-compliance was detected during inspections con…

MAS Fines Five Payment Firms S$960,000 Over AML/CFT Control Failures - Fintech Singapore

The Monetary Authority of Singapore (MAS) has imposed a total of S$960,000 in composition penalties on five licensed Major Payment Institutions (MPIs) for breaching anti-money laundering and countering the financing of terrorism (AML/CFT) regulations. The enforcement action follows MAS examinations that found the firms lacked adequate AML/CFT controls, leading to multiple violations of MAS Notice PSN01, which sets out requirements for specified …