TechFlow reported, according to Bitcoin.com, that the Monetary Authority of Singapore (MAS) recently released the "Money Laundering Risk Assessment Report 2024," which provides a comprehensive analysis of Singapore's primary money laundering (ML) risks. The report incorporates various qualitative and quantitative indicators related to threats, vulnerabilities, and control measures, highlighting major money laundering threats such as fraud—especially cyber fraud—organized crime, corruption, tax crimes, and transaction-based money laundering.
The report notes that due to its broad service scope and large transaction volume, the banking sector faces the highest money laundering risk. Banks are commonly exploited for various types of money laundering, including self-laundering, third-party laundering, and the abuse of corporate and personal accounts for layering and integrating illicit funds.
In addition, the report identifies significant risks associated with digital assets and cryptocurrencies. The assessment emphasizes that digital payment tokens (DPTs) have emerged as a new channel for money laundering. Criminals exploit these tokens through cyber fraud, ransomware, and dark web marketplace transactions. To mitigate these risks, MAS has implemented strict regulatory measures under the Payment Services Act (PS Act). Digital payment token service providers must obtain licenses and comply with anti-money laundering and countering the financing of terrorism (CFT) requirements. MAS conducts regular thematic inspections and off-site supervision, and issues guidance documents to enhance industry awareness and strengthen controls.
