The Monetary Authority of Singapore (MAS) issued a total of US$22.3m in fines in 2025, marking a staggering 579% increase from the previous year, according to data released by Fenergo. This surge is attributed to intensified enforcement against financial firms for breaches related to Know Your Customer (KYC), anti-money laundering (AML), and sanctions, following a major money laundering scandal in 2023.
The increase in fines underscores Singapore’s commitment to maintaining its status as a trusted global financial centre. MAS Deputy Chairman Chee Hong Tat recently highlighted the necessity of robust enforcement to manage the risks associated with being a global wealth hub. Rory Doyle, Head of Financial Crime Policy at Fenergo, noted, “In Singapore, enforcement action has intensified following a major money laundering scandal.”
Globally, the total value of penalties for non-compliance with AML, KYC, and related regulations fell to US$3.8 b in 2025 from US$4.6b in 2024. However, regional differences were stark, with North American fines dropping by 58%, whilst penalties in EMEA and APAC rose by 767% and 44%, respectively.
Despite these efforts, digital asset firms continue to face significant challenges, with nearly a quarter of the top ten highest-value fines involving such companies. Doyle emphasised the importance of modernising financial crime ecosystems, stating, “Firms that prioritise investment in leading-edge technology with AI at the forefront will be better positioned for the next wave of scrutiny.”
As Singapore strengthens its regulatory framework, the focus remains on reinforcing trust and ensuring compliance within its financial system.
