MAS fines surge 579% amidst heightened scrutiny: report

Fenergo links the increase to KYC, AML, and sanctions breaches flagged after tighter supervision.

The Monetary Authority of Singapore (MAS) fines rose to US$22.3m in 2025 from US$3.3m a year earlier, reflecting a sharp increase in enforcement action, according to Fenergo.

Fenergo said the increase represents a 579% YoY jump and reflects penalties imposed for know-your-customer, anti-money laundering, and sanctions-related breaches.

The firm linked the enforcement uptick to heightened supervisory scrutiny following the 2023 money laundering case, citing remarks attributed in the release to MAS Deputy Chairman Chee Hong Tat on the challenges of maintaining market integrity whilst operating as a global wealth hub.

Globally, enforcement trends diverged. Fenergo said total financial crime penalties fell 18% YoY to US$3.8b in 2025, down from US$4.6b in 2024 and US$6.6b in 2023.

By region, North America saw penalties drop 58%, whilst EMEA rose 767% and APAC increased 44%.

The largest single fine cited for 2025 was US$985m (€835m), imposed on a Swiss bank by French authorities.

Fenergo said France became the second-largest enforcement jurisdiction globally, with US$1.11b in penalties, behind the United States at US$1.68b.

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