Financial institutions in Singapore face penalties for failing to comply with anti-money laundering regulations.
The Monetary Authority of Singapore (MAS) has taken decisive regulatory actions against nine financial institutions (FIs) and 18 individuals for breaches related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements.
In a series of penalties, MAS imposed composition penalties totaling S$27.45 million on the nine FIs. The penalties were based on factors such as the extent of exposure to persons of interest (POIs), the number of breaches, and the weakness in AML/CFT controls.
The breaches were identified during MAS’ supervisory examinations conducted from early 2023 to early 2025. Despite most FIs having AML/CFT policies and controls in place, significant weaknesses were found, leading to multiple breaches.
In addition to the penalties on FIs, MAS also reprimanded 18 individuals for failing to ensure compliance with AML/CFT requirements.
AML/CFT remains a key enforcement priority for MAS in the 2025/2026 period. The MAS annually releases enforcement reports highlighting actions taken against non-compliant entities.
Beyond the recent penalties, MAS also took action against Swiss-Asia Financial Services Pte. Ltd. in May 2024, imposing a S$2.5 million fine due to inadequate AML/CFT controls, despite significant business growth.
In Q2 2025, MAS imposed S$960,000 in composition penalties on five payment institutions for AML/CFT breaches. These actions reflect MAS’s ongoing efforts to enforce strict compliance with AML/CFT regulations across various financial sectors.
The regulatory actions follow the completion of supervisory examinations linked to a money laundering case that emerged in August 2023. The institutions have initiated remediation efforts, and MAS will monitor their progress closely.
In conjunction with actions against the FIs, MAS has issued prohibition orders to individuals involved in managing relationships with the POIs. Further actions may be taken against a few remaining individuals pending the outcome of court proceedings or investigations, stated MAS.
The penalties for each institution include S$5.8 million for Credit Suisse Singapore branch, S$5.6 million for United Overseas Bank, S$3 million for UBS, Singapore Branch, among others.
MAS Financial Supervision deputy managing director Ho Hern Shin stated: "MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures."
The regulatory actions demonstrate MAS's commitment to ensuring robust AML/CFT controls within Singapore's financial sector, emphasizing the importance of maintaining effective compliance measures to prevent financial crimes.
- The Monetary Authority of Singapore (MAS) has stated AML/CFT remains a key enforcement priority, with annual enforcement reports highlighting actions taken against non-compliant entities in the 2025/2026 period.
- Beyond the penalties on financial institutions (FIs), MAS also took action against individuals, reprimanding 18 for failing to ensure compliance with AML/CFT requirements.
- MAS's regulatory actions against nine FIs and 18 individuals were due to breaches related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements.
- These regulatory actions reflect MAS’s ongoing efforts to enforce strict compliance with AML/CFT regulations across various financial sectors, as demonstrated by the imposed penalties on AI entities such as banks and payment institutions, and general news sources covering banking-and-insurance, finance, and crime-and-justice.
