Singapore MAS Chairman Gan Kim Yong on Differences in Financial Institutions Money Laundering Penalties in 2016/2017 & 2025 Cases: 1) 2016/2017 Cases Due to Failures in Transaction Monitoring from Deficiencies in Systems & Controls, 2) 2025 Cases Due to Breaches in Customer Risk Assessment, Source of Wealth & Post-Suspicious Transaction Report Follow-Up
24th September | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (23/9/25) on differences in financial institutions money laundering penalties in 2016/2017 & 2025 cases: 1) 2016/2017 cases due to failures in transaction monitoring from deficiencies in systems & controls, 2) 2025 cases due to breaches in customer risk assessment, source of wealth & post-suspicious transaction report follow-up. Gan Kim Yong (23/9/25): “In respect of FIs that were penalised in both 2016/2017 and 2025, their earlier breaches were largely due to their failures in transaction monitoring, arising out of deficiencies in their relevant systems and controls. Following the issuance of financial penalties in 2016/2017, they have remediated these deficiencies. In 2025, MAS found breaches by these FIs in other areas such as customer risk assessment, establishment and corroboration of customers’ source of wealth, and post-suspicious transaction report follow-up. While MAS also found some breaches relating to transaction monitoring, they were due to inconsistent implementation by FI’s employees. MAS noted that that the FIs’ transaction monitoring systems and controls were generally in place.”
” Singapore MAS Chairman Gan Kim Yong on Differences in Financial Institutions Money Laundering Penalties in 2016/2017 & 2025 Cases: 1) 2016/2017 Cases Due to Failures in Transaction Monitoring from Deficiencies in Systems & Controls, 2) 2025 Cases Due to Breaches in Customer Risk Assessment, Source of Wealth & Post-Suspicious Transaction Report Follow-Up “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Singapore MAS Chairman Gan Kim Yong on Differences in Financial Institutions Money Laundering Penalties in 2016/2017 & 2025 Cases: 1) 2016/2017 Cases Due to Failures in Transaction Monitoring from Deficiencies in Systems & Controls, 2) 2025 Cases Due to Breaches in Customer Risk Assessment, Source of Wealth & Post-Suspicious Transaction Report Follow-Up
Date: For Parliament Sitting on 23 September 2025
Name and Constituency of Member of Parliament
Mr Fadli Fawzi, Aljunied GRC
Question
To ask the Prime Minister and Minister for Finance in relation to the same financial institutions which are penalised for breaching anti-money laundering (AML) requirements in 2016/2017 and 2025 (a) how do the breaches differ for each incident; (b) whether the Government considers these institutions to have sufficiently strengthened their AML controls after 2016/2017; and (c) if so, why are these institutions penalised again in 2025.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
2. In respect of FIs that were penalised in both 2016/2017 and 2025, their earlier breaches were largely due to their failures in transaction monitoring, arising out of deficiencies in their relevant systems and controls. Following the issuance of financial penalties in 2016/2017, they have remediated these deficiencies. In 2025, MAS found breaches by these FIs in other areas such as customer risk assessment, establishment and corroboration of customers’ source of wealth, and post-suspicious transaction report follow-up. While MAS also found some breaches relating to transaction monitoring, they were due to inconsistent implementation by FI’s employees. MAS noted that that the FIs’ transaction monitoring systems and controls were generally in place.
3. The FIs involved have accepted that they had fallen short and have implemented remediation measures, including stronger oversight of staff tasked with implementing controls and checks.
4. Criminals continuously shift their tactics to evade controls, and FIs must adapt their control measures in tandem.
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
