MAS ‘closely studying' reports on 'FinCEN' leak that mentioned Singapore banks in suspic


The Monetary Authority of Singapore (MAS) said on Monday (Sep 21) it is “closely studying” media reports mentioning Singapore banks in potentially suspicious transactions that were flagged to authorities in the United States.

In response to CNA’s queries, it added that it will take “appropriate action” based on the outcome of its review.

Over the weekend, media reports, citing leaked secret documents that were confidential reports made to the US government, said global banks have facilitated more than US$2 trillion (S$2.72 trillion) in “suspicious” transactions filed with the US authorities over nearly two decades.

The three local banks – DBS, OCBC and UOB - were named in a sample of transactions extracted from the documents, dubbed the “FinCEN Files”.

The MAS said it is aware that Singapore banks were mentioned in these media reports.

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“Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously,” wrote the spokesperson in an emailed reply.

“MAS is closely studying the information in these media reports, and will take appropriate action based on the outcome of our review. Singapore’s regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force," it added.

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Article by for Channel News Asia (CNA)

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