The Monetary Authority of Singapore (MAS) has announced the imposition of composition penalties totalling $960,000 on five major payment institutions for breaches of anti-money laundering and countering the financing of terrorism requirements. This enforcement action, covering the period from April to June 2025, highlights MAS’s commitment to maintaining the integrity of Singapore as a financial centre.
The penalties were levied on Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd, and OxPay SG Pte Ltd. These firms were found to have violated MAS’s stringent regulations designed to combat money laundering and terrorism financing.
MAS employs a range of enforcement actions, including reprimands, prohibition orders, and civil penalties, to deter misconduct and uphold regulatory standards. In this instance, the composition penalties serve as a financial deterrent and a reminder of the importance of compliance with MAS’s regulations.
The enforcement actions underscore MAS’s proactive approach in safeguarding Singapore’s reputation as a trusted financial hub. By imposing these penalties, MAS aims to deter similar breaches in the future and ensure that financial institutions adhere to the highest standards of regulatory compliance.
For further details on these regulatory and enforcement actions, MAS directs interested parties to its Enforcement Actions page on their website.
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