The Monetary Authority of Singapore (MAS) has initiated an inquiry into several banks linked to a recent $3 billion crypto-related money laundering case.
Singapore's central bank, MAS, is working closely with law enforcement to investigate the role of local and international banks in facilitating suspicious cryptocurrency transactions. This comes after authorities uncovered a vast network laundering billions through shell companies and crypto wallets.
A spokesperson from MAS commented:
“We are committed to upholding Singapore’s reputation as a trusted financial hub. Any institutions found lacking in compliance will be held accountable.”
This move signals increasing scrutiny over crypto dealings and KYC/AML practices in Singapore's banking sector.
Keywords: MAS, Crypto Regulation, Money Laundering, Banking Oversight, Singapore