SINGAPORE CENTRAL BANK TO GAIN POWERS TO SCRAP BANK LICENCES OVER AML FAILINGS
February 1st, 2019
SINGAPORE’S central bank, the Monetary Authority of Singapore (MAS), is consulting on whether it should be allowed to revoke bank licences for financial institutions who have breached the country’s anti-money laundering requirements. The formal consultation is part of the roll out of proposed changes to Singapore’s Banking Act. In a consultation paper, the MAS highlighted how the Monetary Authority of Singapore Act (MAS Act) includes such requirements that financial institutions conduct customer due diligence and retain related AML/CFT records.
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