MAS Penalises Payment Firms for AML Compliance Failures

Singapore’s Monetary Authority (MAS) has fined five major payment firms a total of SGD960,000 (USD753,000) for breaches in anti-money laundering and counter-terrorism financing compliance.

The firms include Remsea, which received the largest penalty of SGD280,000, alongside Arcade Plaza Traders, J-Dee Remittance Services, Mobile Community Tech, and OxPay SG. MAS cited weaknesses in customer due diligence and insufficient disclosure of wire transfer data.

Each company has submitted remediation plans, with senior management held accountable for implementing corrective actions. MAS will also issue an industry-wide advisory outlining common compliance lapses and supervisory expectations based on recent inspections.