Gambling Regulatory Authority (GRA) said on July 1 that adjustments have been made to prevent the misuse of casinos for terror financing in Singapore. As per the new rules, the gambling facilities will have to conduct due diligence checks when receiving cash deposits of SGD 4,000 or more. This threshold was previously set to SGD […]
Tag: Terrorism Financing
Singapore hosts FATF plenary; PM Wong says “asset recovery a priority” in national policy
PM Wong referred to the work done on the interception of illicit funds, and the revised FATF standards to stop the movement of “around USD 2 to USD 3 trillion worth of illicit proceeds” through “the global financial system every year”.
Singapore: MAS introduces amendments to Payment Services Act; Changes to take effect in stages from April 4
MAS stated that the amendments will empower it to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers.
Singapore: MAS to bolster defence against money laundering and terrorism financing with COSMIC platform
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.