MAS to Launch New Anti-Money Laundering Initiative

The Monetary Authority of Singapore, the country’s central banking authority, has stepped up its plans to issue an overhaul to its internal infrastructure and systems in a bid to help curb money laundering, given the recent cropping of incidents worldwide, according to a recent Wall Street Journal report.

The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.

A couple months ago, the central bank of Bangladesh learned a painful lesson as it was targeted by a $1.0 billion heist that succeeded in hacking SWIFT systems, resulting in the theft of $81.0 million. Since then, a panel of international banks have all instigated probes and overviews into their respective Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term systems, given the vulnerabilities uncovered via the Bangladeshi incident.

Singapore operates as one of the world’s paramount major financial centers, as well as a nexus for Southeast Asian finance. The city is home to many branches of leading international banks, including as Credit Suisse AG., Citigroup Inc., Deutsche Bank, and J.P. Morgan Chase & Co.

Call to Arms

In terms of MAS, the group has already opted to take concerted efforts at tackling money-laundering issues, which followed after it cracked down on a Swiss bank operating locally – BSI Bank Ltd has since closed its doors after it breached regulations. In addition, last month, Singapore embarked on the largest money-laundering investigation in its history, which pitted Malaysian state investment fund, Malaysia Development Bhd, against domestic regulation.

As a result, MAS will be dedicating its personnel and efforts to an anti-money laundering department with the aim to help facilitate and streamline local enforcement of regulations. While the central banking authority already boasts a program that accomplishes this aim, MAS will be restructuring it under one umbrella department, which is slated to launch on August 1, 2016.