The Monetary Authority of Singapore (MAS) has announced its decision to discontinue the issuance of the country’s $1,000 note from January 1, 2021. Till December 2020, MAS will reduce the number of $1,000 notes entering the circulation each month.
MAS has taken this step on account of the higher ML/TF risks linked with notes of large denominations as they allow people to move large sums of money anonymously. The step is consistent with international norms. Many major jurisdictions have previously discontinued currencies of large denomination.
People can still use the $1,000 notes already in circulation for transactions. Moreover, banks can also keep recirculating their existing $1,000 notes. To meet the currency demand, MAS will ensure that notes of other denominations, specially $100, are made available to the people. MAS has also encouraged Singaporeans to opt for electronic payment options like PayNow and FAST.
Source name: Monetary Authority of Singapore