$69 million in suspicious transactions in S’pore intercepted by authorities since 2019
David Sun, 27 April 2021
SINGAPORE – About $69 million transferred through suspicious accounts here has been intercepted by the authorities since 2019.
The figure was revealed in a keynote speech on Tuesday (April 27) by Ms Loo Siew Yee, the assistant managing director for Policy, Payments and Financial Crime at the Monetary Authority of Singapore (MAS).
Speaking at the 12th Annual Anti-Money Laundering and Anti Financial Crime Conference, organised by the Association of Certified Anti-Money Laundering Specialists, Ms Loo said the successful interceptions were a result of collaborative efforts by the Commercial Affairs Department (CAD), MAS, and the key banks here.
The collaboration was made possible through the Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) Industry Partnership, or ACIP, which is a private-public partnership established in April 2017.
“Since 2019, CAD and MAS have also worked closely with key banks, through the ACIP partnership, on specific cases and targets where intelligence and leads are shared through a hub-and-spoke model for the purposes of surfacing new leads and conducting further analytics,” she said.
Ms Loo added that of the successfully intercepted $69 million, more than $19 million of incoming funds were blocked through the banks’ proactive identification of suspicious accounts.
