Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures Including Lack of Scrutiny on Unusual Transactions, Submit Suspicious Transaction Reports and Poor Awareness of Risks & Red Flag Scenarios, Appointed Independent Reviewer to Validate Remedial Action on Breaches & Failures
25th May 2026 | Hong Kong
Monetary Authority of Singapore (MAS) has fined Padang Trust Singapore $235,000 (S$300,000) for money laundering failures including lack of scrutiny on unusual transactions, submit suspicious transaction reports and poor awareness of risks & red flag scenarios. Padang Trust Singapore has appointed an independent reviewer to validate the remedial action on the breaches & failures. Announcement (25/5/26): “The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$300,000 on Padang Trust Singapore Pte. Ltd. (Padang Trust), a licensed trust company, for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. The breaches found during MAS’ inspection of Padang Trust’s AML/CFT framework and controls included failures to inquire into unusual transactions that had no apparent economic or lawful purpose, and to promptly submit Suspicious Transaction Reports when there was sufficient basis to do so. These breaches stem from inadequate AML/CFT controls in Padang Trust, including the lack of scrutiny of unusual transactions and poor staff awareness of ML/TF risks and red flag scenarios. Padang Trust has paid the composition penalty. Padang Trust has also taken remedial actions to address the deficiencies identified by MAS, and appointed an independent reviewer to validate that the remedial action.” Composition of AML/CFT offences – MAS’ AML/CFT requirements for licensed trust companies are set out in MAS Notice TCA-N03 on Prevention of Money Laundering and Countering the Financing of Terrorism – Trust Companies. Each breach of Notice TCA-N03 is an offence punishable under section 27B(2) of the MAS Act (Cap. 186) where the maximum prescribed fine is S$1,000,000 per offence. The breach is compounded under section 176(1A) of the MAS Act 1970.
“ Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures Including Lack of Scrutiny on Unusual Transactions, Submit Suspicious Transaction Reports and Poor Awareness of Risks & Red Flag Scenarios, Appointed Independent Reviewer to Validate Remedial Action on Breaches & Failures “
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Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures Including Lack of Scrutiny on Unusual Transactions, Submit Suspicious Transaction Reports and Poor Awareness of Risks & Red Flag Scenarios, Appointed Independent Reviewer to Validate Remedial Action on Breaches & Failures
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