Singapore provides a world class digital infrastructure for financial institutions and their financial innovations thus evolving as a global financial hub. Monetary Authority of Singapore (MAS), the central bank of the island country publishes “Enforcement Report” once in every 18 months. MAS is keen on framing stringent policies to prevent disclosure breaches, combating terrorist financing & money laundering and mis-selling of financial products.
MAS, on the one hand focus on restructuring and upgrading its power and authority over identification and investigation of financial crimes, regulatory misconducts in the country. While on the other hand, is concentrating on corporate disclosures, the accountability of the senior management of the institutions over the breaches. It becomes mandatory for MAS and other financial crimes regulators to conduct on going reviews and implement procedural changes in a dynamic financial eco system.
Between jan 2019 to june 2020, MAS has imposed S$11.7 million ($8.6 million) under civil penalties and had been instrumental in filing criminal convictions of several individuals on the grounds of market misconduct and other related crimes. In order to effectively detect market breaches, MAS has collaborated with various stake holders. Thus when compared with previous reporting periods MAS has reduced the review and investigation time for criminal cases from 33 months to 24 months and for civil cases from 30 to 26 months.
The key objective of MAS is to protect its country’s investors and consumers confidence through robust regulatory guidelines and directives thereby it regularly co-ordinates with the Singapore stock exchange to improve its functioning and performance. On jan 2020, with the establishment of Payment Services Act (PSA), MAS launched AML framework for crypto currency business.
Author: Rajashree, MBA, CAMI
PonSun AML Academy