Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions
The Monetary Authority of Singapore will strengthen its supervision of anti-money laundering (AML) controls, and its enforcement of the rules, its managing director Ravi Menon vowed today (July 25).
Last week the MAS announced "firm regulatory actions" against banks found to have "control failings" during its investigation into fund flows related to 1MDB, the Malaysian sovereign wealth fund.
Menon warned the country's financial sector was "particularly vulnerable to money laundering and illicit
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