Singapore Identifies Banking Sector as Highest Money Laundering Risk

Updated national risk assessment highlights threats from cyber fraud, organized crime, and high-risk sectors like digital payments and precious metals.

• The report underscores the banking sector's vulnerability due to high transaction volumes and exposure to risky jurisdictions.
• Newly identified high-risk areas include digital payment services and precious stones and metals.
• Foreign and domestic scams, including those using AI and deepfakes, are major money laundering threats.
• The updated assessment follows a recent multi-billion dollar money laundering case involving foreign nationals.
• Singapore's strategy focuses on prevention, detection, and enforcement to maintain trust in its financial system.

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CNA CNA South China Morning Post