MAS eases concerns about transactions from Myanmar

From: RegTech Analyst

Singapore’s top financial watchdog has responded to concerns following the military coup in Myanmar.

The Monetary Authority of Singapore (MAS) said in a statement on Tuesday “that its regular surveillance of the banking system has not found significant funds from Myanmar companies and individuals in banks in Singapore.”

“MAS expects financial institutions to remain vigilant to any transactions that could pose risks to the institution, including dealing with companies and individuals subject to financial sanctions by foreign jurisdictions,” the regulator said.

“MAS also expects financial institutions in Singapore, as always, to comply with MAS regulations that implement United Nations Security Council resolutions, and guard against fund flows that could be related to illicit activities. MAS closely supervises financial institutions to check that processes are in place for compliance and takes appropriate enforcement actions where there are serious lapses.”

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