SINGAPORE DEVELOPS PLANS TO DEMAND VIRTUAL CURRENCY EXCHANGES SUBMIT STRS
January 1st, 2018
THE MONETARY Authority of Singapore (the country’s central bank) has announced plans to impose AML/CFT requirements on agents that turn virtual currencies into hard currency. The MAS is currently conducting public consultation on a proposed Payment Services Bill which would authorise powers enabling it to demand such gatekeepers screen transactions. They would have to submit suspicious transaction reports to the Suspicious Transaction Reporting Office (STRO), Singapore’s financial intelligence unit.
Tharman Shanmugaratnam, Singapore’s deputy prime minister ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.