The Monetary Authority of Singapore (MAS) will establish dedicated departments to combat money laundering and strengthen enforcement respectively.
MAS in a press statement said that the Anti-Money Laundering (AML) Department will streamline the enforcement of regulations relating to money laundering and other illicit financing risks.
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Additionally, a supervisory team will be set up to monitor these risks and carry out onsite supervision of how financial institutions manage these risks, it added.
These functions are currently carried out by different departments in MAS. The new department will be effective from 1 August 2016.
MAS said that a new Enforcement Department will also be established to centralise and strengthen the bank’s enforcement functions. It will jointly investigate capital markets misconduct offences with the Commercial Affairs Department.
Additionally, it will be responsible for enforcement actions arising from regulatory breaches of MAS’ banking, insurance and capital markets regulations.
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By GlobalDataMAS managing director Ravi Menon said: "As our financial centre grows in scale, sophistication, and connectivity, so does the risk of criminal elements abusing our financial system.
"We will strengthen our supervision of financial institutions’ controls to combat money laundering and illicit financing. And we will enhance our enforcement capability to deter poor controls or criminal behaviour in the industry."
