The Monetary Authority of Singapore published an overview of its key public enforcement actions taken from April to June 2025, highlighting a set of composition penalties imposed for anti-money laundering and countering the financing of terrorism (AML/CFT) breaches. On 27 June 2025, MAS imposed composition penalties totalling SGD 960,000 on five Major Payment Institutions: Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd and OxPay SG Pte Ltd, for breaches of MAS’ AML/CFT requirements. The update also reiterates that MAS can use a range of enforcement tools, including reprimands, prohibition orders, civil penalties and referrals for criminal prosecution, and that it calibrates outcomes with regard to deterrence and safeguarding Singapore’s integrity as a financial centre.
Monetary Authority of Singapore 2025-07-01
Monetary Authority of Singapore imposes SGD 960,000 in composition penalties on five major payment institutions for AML/CFT breaches
The Monetary Authority of Singapore imposed composition penalties totaling SGD 960,000 on five Major Payment Institutions for breaches of anti-money laundering and countering the financing of terrorism requirements. The enforcement actions, covering April to June 2025, underscore MAS's commitment to deterrence and maintaining Singapore's financial integrity.