Bitcoin

Singapore’s updated Money Laundering National Risk Assessment (MLNRA) has highlighted significant risks and vulnerabilities posed by digital payment token (DPT) service providers in the Anti-Money Laundering (AML) landscape.
The extensive 126-page report <a href="https://www.mof.gov.sg/docs/default-source/default-document-library/news-and-publications/featured-reports/2024-money-laundering-risk-assessment-report.pdf?sfvrsn=cafc9b2d_6" target="_blank" rel="noopener nofollow">identifies</a> new risk sectors not included in the previous report released in 2014. These include DPT service providers and precious stone and metal dealers.
The banking sector, including wealth management, is identified as posing the highest money laundering risks. Banks are more susceptible to criminal exploitation due to their role in facilitating large volumes of transactions and servicing high-risk customers. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/39d8f7a3-1e7c-4221-abd0-ba6dda7ca526.png" alt="" title="">
 <figcaption style="text-align: center;">
 Key findings of the MLNRA in the AML landscape. Source: Ministry of Finance, Singapore
 </figcaption>
</figure>
Within the financial sector, DPT service providers, also known as virtual asset service providers, stand out as a high-risk category. The MLNRA highlights an increase in reported money laundering cases involving DPTs and a variety of exploitation methods.
Despite the relatively small portion of global DPT activities in Singapore, the authorities closely monitor the associated risks. Other high-risk financial industry sectors include payment institutions offering cross-border money transfer services and external asset managers.
In the risk assessment report, Singapore said its key money laundering threats stemmed from fraud — particularly cyber-enabled fraud — organized crime, corruption, tax crimes and trade-based money laundering.
Related:&nbsp;<a href="https://cointelegraph.com/news/akira-ransomware-targets-singapore-businesses"></a><a href="https://cointelegraph.com/news/akira-ransomware-targets-singapore-businesses">Singapore alerts businesses to Bitcoin ransomware risk</a>
Typical money laundering methods include hiding illegal funds in Singapore bank accounts, using fake companies and investing in valuable assets like real estate or precious metals.
The MLNRA report combines insights from Singapore’s supervisory and law enforcement agencies, including the Financial Intelligence Unit, as well as feedback from private sector entities and foreign authorities.
<h2 data-ct-non-breakable="true" id="money-laundering-in-singapore">Money laundering in Singapore</h2>
Singapore’s status as an international financial hub and its economic openness expose it to money laundering risks. Criminals exploit the country’s financial and business infrastructure to launder or transfer illicit funds.
Additionally, the conversion of illicit funds into assets such as real estate, digital payment tokens or precious metals poses significant threats, according to the report.
In April, the Monetary Authority of Singapore announced that it would implement <a href="https://cointelegraph.com/news/singapore-amends-payment-services-act">amendments to the country’s Payment Services Act</a>&nbsp;to expand the scope of regulated services related to digital payment token service providers. 
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/who-takes-gold-in-crypto-blockchain-olympics/">Who takes gold in the crypto and blockchain Olympics?</a>

Singapore flags digital payment tokens as high-risk in AML landscape

목차

Cointelegraph

2024년 6월 20일에 게재된 다른 기사

Zeek, a New Decentralized Social Collaboration Network, Raises USD 3M Seed Funding To Reinvent So...

$LISTA Debuts on Major Exchanges with Strong Backing from DWF Labs

Ethereum on the Rise: Forecast Predicts ETH Could Reach $3,700 Following Recovery

BlockDAG Dev Release 55 Revolutionizes Crypto Mining with WebSocket Integration; More on Keynote ...

Controversial Figure Martin Shkreli Allegedly Behind New Trump-Themed Crypto Token DJT

Investors Abandon Bitcoin Cash and Internet Computer, Chasing MoonBag Coin’s Thrilling Staking Re...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!