MAS to bank on tech, collaboration to fight money laundering and terrorism financing

SINGAPORE (July 18): The fight against money laundering and terrorism financing will continue to be a priority for Singapore as an international financial centre and trading hub, according to the Monetary Authority of Singapore (MAS).

For the coming year, MAS will adopt a more focused approach to combating financial crime, says Ho Hern Shin, assistant managing director of MAS’ banking and insurance group.

Speaking at the Financial Crime Seminar organised by The Association of Banks in Singapore (ABS) on Wednesday, Ho says MAS will leverage more on technology and engage in closer collaboration with stakeholders to mitigate the risk of money laundering and terrorism financing.

---

Related Stories

• Suntec REIT biggest beneficiary from MAS’s ‘looser’ leverage, ICR rules: OCBC
• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March

---