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Singapore fines institutions for anti-money laundering, counter-terrorism breaches

( June 27, 2025, 08:55 GMT | Official Statement) -- MLex Summary: The Monetary Authority of Singapore fined five major payment institutions a total of S$960,000 ($755,000) for failing to meet anti-money laundering and counter-terrorism financing standards. Deficiencies at the companies — Remsea, Arcade Plaza Traders, J-Dee, Mobile Community Tech and OxPay — related to customer due diligence, beneficial ownership checks and wire transfer originator data for cross-border transfers, from March 2020 to August 2023, the regulator said. The MAS said it expects accountability from the senior management and will closely monitor the companies.The MAS statement follows: ...

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