The Monetary Authority of Singapore (MAS) has proposed tightening of anti-money laundering rules to check the money laundering practices in the country and make financial firms more accountable in a consultation paper released today.

Post finalization, the new regulation would require financial firms to check their customers more thoroughly. Banks and other financial firms will have to carry out due diligence checks on customers sending or receiving funds by wire transfer if they exceed S$1500 ($1,200).

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Further, MAS has also proposed that financial service organizations should perform a formal risk assessment of the money laundering risks they face as an institution and to implement required steps to alleviate them.

MAS believe that the new measures will further safeguard Singapore’s financial system from being used to launder money or finance terrorism.

MAS released a consultation paper on proposed amendments to its notices to financial institutions (FIs) on anti-money laundering and countering the financing of terrorism (AML/CFT).

MAS deputy managing director Ong Chong Tee said, "Singapore is fully committed to keeping our financial centre clean and supporting global efforts to combat financial crime."

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"In an evaluation exercise conducted by the FATF in 2008, Singapore was assessed to have a rigorous AML/CFT regime. We will undergo another evaluation by the FATF in 2015 and aim to do as well."

The consultation paper is available on MAS’ website and comments should reach MAS by 14 August 2014.