July 27, 2017
The Monetary Authority of Singapore (MAS) has intensified efforts to stamp out money laundering and terrorism financing, but more could still be done, assistant managing director Chua Kim Leng said on Thursday. Mr Chua told a financial crime seminar organised by the Association of Banks in Singapore that stepping up such efforts is ever more important today as criminals are constantly finding more creative ways to perpetrate crimes, be it laundering money, financing terrorism or weapons proliferation, or engaging in fraud or insider trading. Technology can help, he added, noting that the MAS is working closely with a group of banks in Singapore that have come together to build a joint utility for Know Your Customer (KYC) processes.