Singapore AML Safeguards Tightened for North Korea, Iran and Myanmar

Singapore AML safeguards remain a priority for financial institutions dealing with customers and transactions connected to North Korea, Iran and Myanmar.

In its October 2026 statement, the Monetary Authority of Singapore reminded institutions of persistent money laundering, terrorist financing and proliferation financing risks.

North Korea and Iran remain on the Financial Action Task Force's list of high-risk jurisdictions subject to a call for action, requiring effective countermeasures and enhanced due diligence for relevant relationships and transactions.

Myanmar remains subject to enhanced due diligence amid insufficient progress in addressing weaknesses in its anti-money laundering framework and concerns over widespread fraud and cyber scams.

The reminder reinforces compliance responsibilities for banks, asset managers and other regulated financial institutions.