The report covers the regulator’s enforcement initiatives and outcomes for the period of July 2023 – December 2024.
Key takeaways from the report include:
➡️ 33 criminal convictions were secured during the period including the imprisonment of 19 individuals;
➡️ $4m of financial penalties and compositions were imposed for AML/CFT breaches; and
➡️ $7.16 of civil penalties were imposed for deceptive practices, insider trading, and false trading.
✅ As MAS increases their detection and enforcement activities, firms operating in Singapore must ensure their AML/CTF and Market Abuse control frameworks are comprehensive to avoid similar breaches and penalties.
AML/CTF/CPF
Industry News
