Connect with us

Hi, what are you looking for?


Singapore regulator tells banks to monitor Myanmar fund flows after coup

SINGAPORE — Singapore’s central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes.

In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief executives of financial institutions (FIs) of the need for robust customer due diligence and appropriate risk mitigation measures in higher risk situations.

The move comes amid weeks of mass demonstrations in Myanmar after the military seized power.

The pro-democracy activists pledged on Thursday to hold more demonstrations in the Southeast Asian nation after the United Nations said 38 people had been killed in the most violent day of unrest since last month’s military coup.

Singapore’s position as one of the world’s leading financial centers and a trade hub makes it particularly vulnerable to money laundering due to large cross-border flows. Singapore has close ties with Myanmar and is one of its biggest investors.

In the circular, the MAS urged financial institutions to keep timely tabs on the fast developing situation in Myanmar, including unilateral sanctions imposed by other jurisdictions.

It said the situation in Myanmar could give rise to money laundering, terrorism financing and other financial crimes.

“Given the developments in Myanmar, FIs are reminded to take appropriate measures to manage any risks arising from their business activities and customer relationships, including reputational, legal and operational risks,” the MAS said.

The MAS said that financial institutions should file any suspicious transaction reports and inform it promptly, adding that such reports should be labeled “Myanmar 2021”.

In response to a Reuters query, the MAS confirmed that it had issued a circular on Feb. 25 relating to the developments in Myanmar.

The circular was issued two days after the central bank said in a media release that its regular surveillance of the banking system had not found significant funds from Myanmar companies and individuals in banks in Singapore.

Singapore police uses suspicious transaction reports and other financial information and analyzes them to detect money laundering, terrorism financing and other serious crimes, according to an advisory on its website. — Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Sy-led SM Retail, Inc. is pushing the inclusion of its Green Finds in each of its retail affiliate’s selling pod as the next step for its green movement...


DIGITAL TRANSACTIONS coursed through Land Bank of the Philippines (LANDBANK) increased in the first half, driven by increasing demand and the government’s push for...


1 of 2 Montblanc Meisterstück Glacier Doué Classique Fountain Pen Montblanc Meisterstück Glacier Doué Classique Rollerball “BY ALL MEANS move at a glacial pace....


1 of 6 The fifth-generation C-Class, which debuted globally last year, is now available in the Philippines. The lone variant, for now, is the...


LT Group, Inc. (LTG) posted an attributable net income of P8.87 billion in the second quarter, reversing last year’s net loss of P2.76 billion,...


THE Department of Agriculture (DA) said it is lifting the temporary ban on imports of poultry products from the US state of Missouri and...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.