MAS - Monetary Authority of Singapore

02/23/2021 | Press release | Distributed by Public on 02/23/2021 05:07

MAS' response to queries on funds from Myanmar companies and individuals in banks in Singapore

Singapore, 23 February 2021… In response to media queries, the Monetary Authority of Singapore (MAS) said today 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.
2 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.