Banking, including wealth management, poses the highest money laundering risks to Singapore.
The report said Singapore’s position as an international financial centre with a high externally oriented economy exposes it to criminals looking to launder assets.
Within the financial and banking sectors, the report noted that banking, including wealth management, poses the highest money laundering risks to Singapore but added that there has been an increase in money laundering cases involving digital payment token services providers.
They added that key money laundering threats stem from fraud, particularly foreign and domestic cyber-enabled fraud, orchestrated by criminal syndicates typically located overseas. The updated risk assessment also comes as Singapore’s two-year presidential term at the Financial Action Task Force comes to an end at the end of June 2024.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Non-financial sectors in S’pore including real estate at higher risk of money laundering: ReportBanking, including wealth management, poses the highest money laundering risks to Singapore.
Read more »
OCBC expanding programme to help 10,000 seniors learn digital banking skills by year endIt will teach seniors how to make QR payments, cash withdrawals and to use anti-scam security features.
Read more »
Standard Chartered targets double-digit annual growth in international banking over next 3 yearsTo facilitate this, the bank plans to enhance its cross-border capabilities and make significant investments in its workforce
Read more »
DBS crowned as Southeast Asia’s most profitable bankDespite DBS’s standout performance, the report notes that overall revenues and profits for banking institutions have seen a downturn over the past year.
Read more »
Money Talks Podcast: What kind of non-medical insurance do you really need?In an age of hyper customisation, a growing number of customers are asking to be covered for specific scenarios, says our guest.
Read more »
Locked vaults, daily temperature checks: An inside look at a cord blood bank and its safety measuresCord blood banking has been in the spotlight after thousands of units stored in a private facility in Singapore were damaged or made non-viable.
Read more »