1. Are there any sanctions imposed against Singapore?
There are no sanctions imposed against Singapore.
2. What are the regulated institutions in Singapore?
Bank, insurers, capital markets, financial advisers, stock exchanges, money changers, insurers, insurance brokers, and Merchant banks are Singapore's regulated institutions.
3. Who are the local regulatory authorities in Singapore, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Monetary Agency of Singapore, Commercial Affairs Department of the Singapore Police Force, Central Narcotics Bureau, Monetary Authority of Singapore (MAS), Insolvency and Public Trustee's Office, Casino Regulatory Authority, Accounting and Corporate Regulatory Authority (ACRA), The Law Society of Singapore, Council for Estate Agencies, Office of the Commissioner of Charities, Majlis Ugama Islam Singapura (MUIS)
The Suspicious Transaction Reporting Office of the Commercial Affairs Department of the Singapore Police Force. MAS is a government authority that controls all financial institutions such as banks, insurers, capital market intermediaries and financial advisors in Singapore.
4. What is the status of Singapore's FATF?
According to the latest Mutual Assessment Report on implementing the latest anti-money laundering and anti-terrorism financing standards, conducted in Singapore in 2019, Singapore has been deemed Compliant for 20 of the FATF 40 Recommendations and Majorly Compliant for 17.
5. Which global regulations Singapore have to comply with?
Singapore is a FATF member since 1992, and the Country's regulations have to comply with FATF Recommodition.
6. What are the AML obligations of the businesses in Singapore?
In 2007, the Monetary Authority of Singapore addressed the need for advanced Customer Due Diligence (CDD) measures in all financial transactions in its statement entitled Anti-Money Laundering and Combating the Financing of Terrorism.
7. What are the local AML laws and regulations in Singapore?
Drug Trafficking and Other Serious Crimes Act (Cap. 65A), Organised Crime Act 2015 (No. 26 of 2015), Legal Profession Act (Cap. 161) on the Prevention of Money Laundering and Financing of Terrorism (applicable to lawyers), Legal Profession (Prevention of Money Laundering and Financing of Terrorism) Rules 2015.
Drug Trafficking and Other Serious Crimes Act (CDSA) of 1999, it criminalizes revenues from narcotics and 184 severe other crime categories, including those committed abroad.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Singapore?
According to the Under Sections 43,44,46 and 47; Persons who have committed money laundering or terrorist financing are sentenced to SDG 500,000 or not exceeding 10 years in prison.
9. What are the contact details of the relevant regulators in Singapore?
Monetary Authority of Singapore
10 Shenton Way, MAS Building Singapore 079117
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Singapore?
Yes, the violations of anti-money laundering obligations also subject to criminal sanctions in Singapore.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Singapore?
Singapore has a massive and developed economy. Singapore's economy is based on exportation. It also has a relatively large market network.
Therefore, Singapore financial institutions sometimes may be unguarded from extraneous threats such as Money laundering and financing terrorists. Also, Singapore government has regulated sharp laws and rules against Money laundering. The individual and institutions that do not comply with these regulations are subject to large fines or imprisonment.
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