According to TechFlow, Bitcoin.com reported that the Monetary Authority of Singapore (MAS) recently released the "Singapore Money Laundering Risk Assessment Report 2024". The report conducted an extensive analysis of Singapore's major money laundering (ML) risks, incorporating various qualitative and quantitative indicators related to threats, vulnerabilities and control measures, and emphasizing major money laundering threats such as fraud, especially cyber fraud, organized crime, corruption, tax crime and transaction-based money laundering.
The report points out that the banking industry has the highest risk of money laundering due to its wide range of services and large transaction scale. Banks are often used for various types of money laundering, including self-laundering, third-party money laundering, and the misuse of corporate and personal accounts to layer and integrate illegal funds.
In addition, the report also pointed out significant risks associated with digital assets and cryptocurrencies. The assessment highlighted that digital payment tokens (DPTs) have become an emerging money laundering channel. Criminals exploit these tokens through cyber fraud, ransomware, and darknet market transactions. To mitigate these risks, MAS has implemented strict regulatory measures under the Payment Services Act (PS Act). Digital payment token service providers must obtain a license and comply with anti-money laundering and countering the financing of terrorism (CFT) requirements. MAS regularly conducts thematic inspections and off-site supervision, and publishes guidance documents to enhance industry awareness and control measures.