Singapore regulator probing reports on suspicious bank transfers

An appropriate action will be taken based on its own review.

The Monetary Authority of Singapore (MAS) is “closely studying” reports that Singapore banks had informed US regulators of dubious transactions, reports Reuters.

“MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN,” the central bank said.

“Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously.”

It added it will take “appropriate action” based on the outcome of its review, noting that the Lion City’s regulatory framework against monetary laundering is in line with standards set by the Financial Action Task Force.

Here’s more from Reuters.