Singapore’s central bank has told financial institutions (FI) to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular issued on Thursday last week showed, citing concerns over the potential for financial crimes.
The Monetary Authority of Singapore (MAS) reminded chief executives of financial institutions of the need for robust customer due diligence and appropriate risk mitigation measures in higher-risk situations.
The move came amid weeks of mass demonstrations in Myanmar after the military seized power.
Photo: Lauryn Ishak, Bloomberg
Democracy advocates yesterday pledged to hold more demonstrations in the Southeast Asian nation after the UN said that 38 people had been killed in the most violent day of unrest since last month’s coup.
Singapore’s position as one of the world’s leading financial centers and a trade hub makes it particularly vulnerable to money laundering due to large cross-border flows.
Singapore has close ties with Myanmar and is one of its biggest investors.
In the circular, the MAS urged financial institutions to keep timely tabs on the fast-developing situation in Myanmar, including unilateral sanctions imposed by other jurisdictions.
The situation in Myanmar could give rise to money laundering, terrorism financing and other financial crimes, it said.
“Given the developments in Myanmar, FIs are reminded to take appropriate measures to manage any risks arising from their business activities and customer relationships, including reputational, legal and operational risks,” the MAS said.
Financial institutions should file any suspicious transaction reports and inform it promptly, it said, adding that such reports should be labeled “Myanmar 2021.”
The circular was issued two days after the central bank said in a media release that its regular surveillance of the banking system had not found significant funds from Burmese companies and individuals in banks in Singapore.
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