MAS fines five payment firms $960,000 for AML/CFT breaches

These breaches were uncovered during MAS' examinations for compliance.

The Monetary Authority of Singapore (MAS) has fined five Major Payment Institutions (MPIs) S$960,000 for failing to meet anti-money laundering and counter-financing of terrorism (AML/CFT) requirements.

This included Remsea Private Limited, Arcade Plaza Traders, J-Dee Remittance Services, Mobile Community Tech, and OxPay SG.

The identified breaches included failing to collect customer residential addresses, identify beneficial owners, verify authorised representatives, and include wire transfer originator details.

“Overall, the breaches exposed the MPIs to the risk of being used as a conduit for financial crime,” MAS said.

These breaches were uncovered during MAS' examinations for compliance with MAS Notice PSN01, which outlines AML/CFT requirements for payment services.

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