Monetary Authority of Singapore: Digital payment tokens have become an emerging channel for money laundering
ChainCatcher news, according to Bitcoin.com, the Monetary Authority of Singapore (MAS) recently released the "Singapore 2024 Money Laundering Risk Assessment Report." The report outlines Singapore's ongoing efforts to strengthen its anti-money laundering (AML) framework in response to the evolving risk environment.The report provides a comprehensive analysis of Singapore's primary money laundering (ML) risks, incorporating various qualitative and quantitative indicators related to threats, vulnerabilities, and controls, highlighting major money laundering threats such as fraud, particularly cyber fraud, organized crime, corruption, tax crimes, and transaction-based money laundering.The report notes that the banking sector has the highest money laundering risk due to its wide range of services and large transaction volumes. Banks are often used for various types of money laundering, including self-laundering, third-party laundering, and the abuse of corporate and personal accounts to layer and integrate illicit funds.Additionally, the report highlights significant risks associated with digital assets and cryptocurrencies. The assessment emphasizes that digital payment tokens (DPT) have become an emerging channel for money laundering. Criminals exploit these tokens through cyber fraud, ransomware, and transactions on dark web markets. To mitigate these risks, MAS has implemented stringent regulatory measures under the Payment Services Act (PS Act). Digital payment token service providers must obtain licenses and comply with anti-money laundering and counter-terrorism financing (CFT) requirements. MAS conducts regular thematic inspections and off-site supervision and issues guidance documents to enhance industry awareness and control measures.
