--- title: "Singapore (SG) — Financial-Integrity Intelligence · Sentinel" canonical: https://sentinel.gi/jurisdictions/singapore/ source_html: /jurisdictions/singapore/index.html description: "Financial integrity intelligence for Singapore (SG): sanctions, beneficial ownership, enabler jurisdictions, conflict finance, digital assets and compliance technology — with sourced findings." generated_at: 2026-11-08T04:46:02Z content_sha256: a3907aff9be2c9d0d916d8c0625f13dc27a515e0d46dd956a161cc939dc19ad8 generator: "fe-fleet/md-twin@1.0" --- # Singapore (SG) — Financial-Integrity Intelligence · Sentinel Not every instrument is backed by its official text yet. At least one law or rulebook covered here has no official source (tier 1) retrieved for it yet. No finding on this page is shown with confidence above “Probable” until stronger sources are retrieved. Financial Integrity Monitor # Singapore SG Domains covered 8 of 8 Sources 249 Role actions 8 Horizon <90d 0 Jurisdiction profile FATF status: Largely Compliant Tier: A Risk direction: Increasing Enablement vs enforcement: Mixed Singapore operates a comprehensive statutory AML/CFT/CPF regime centred on MAS Notices, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the 2024 AML and Other Matters Act, and the FSMA-based DTSP licensing regime; FATF/APG's 2026 MER found a competent, coordinated system with a well-resourced FIU but uneven risk-based enforcement outcomes. Key deficiencies - Significantly fewer investigations into tax crimes, corruption and trade-based money laundering relative to fraud-driven money laundering - ACRA beneficial ownership registry lacks robust verification mechanisms and excludes Variable Capital Companies and Unregistered Foreign Companies - Relatively low volume of enforcement actions against financial institutions and VASPs despite Singapore's scale as a VASP hub - Ambiguity regarding STRO's (FIU) operational independence - Conviction outcomes concentrated on low-level money mules rather than professional syndicates, intermediaries and legal persons Recent developments (18m) - FATF/APG Mutual Evaluation Report of Singapore adopted at February 2026 Plenary, published 6 May 2026, placing Singapore in regular follow-up with a 3-year Key Recommended Actions roadmap - MAS imposed S$27.5 million in composition penalties on nine financial institutions (incl. Credit Suisse, UBS, Citi) on 4 July 2025 for AML lapses tied to the S$3 billion money-laundering case - MAS FSMA Section 137 Digital Token Service Provider licensing regime took effect 30 June 2025, closing the 'regulate-from-Singapore-serve-overseas-only' arbitrage loophole - OFAC/UK designated Singapore-incorporated entities (Majesty Properties Pte Ltd, Key Advisors Pte Ltd) and Singapore nationals (Chen Xiuling, Nigel Tang) as part of the Prince Group Transnational Criminal Organization network on 14 October 2025 - OFAC designated Singapore-registered shipping companies (Logos Marine Pte Ltd, Hengyang Petrochemical Logistics) and Singapore nationals under Iran oil-sanctions-evasion programs (Oct-Nov 2025) - EU 16th sanctions package (24 February 2025) added one Singapore-based entity to its Russia military-industrial-complex circumvention list Brief ## Lead signal #### Lead Signal Singapore's financial-crime architecture moved on two fronts this cycle: a tightening of oversight around corporate opacity and a consequential step in the maturation of its digital-asset regime. Beneficial-ownership reform crossed a compliance deadline, while the stablecoin framework advanced from policy statement toward binding law. The Monetary Authority of Singapore closed its consultation on legislative amendments to the Payment Services Act 2019 that would convert the 2023 Stablecoin Issuance Framework from guidance into statute, proposing a dedicated issuance licence, full reserve backing in segregated trust accounts, par redemption, a ban on interest payment to holders, and quarterly stress testing with recovery and wind-down planning obligations. Separately, the statutory deadline for existing companies to file nominee information with the Accounting and Corporate Regulatory Authority's Register of Registrable Controllers, Register of Nominee Directors and Register of Nominee Shareholders passed on 31 December 2025, bringing a long-running beneficial-ownership transparency build-out to a compliance milestone, even though the registers remain closed to public inspection and accessible only to prescribed authorities. Read full brief #### Lead Signal Singapore's financial-crime architecture moved on two fronts this cycle: a tightening of oversight around corporate opacity and a consequential step in the maturation of its digital-asset regime. Beneficial-ownership reform crossed a compliance deadline, while the stablecoin framework advanced from policy statement toward binding law. The Monetary Authority of Singapore closed its consultation on legislative amendments to the Payment Services Act 2019 that would convert the 2023 Stablecoin Issuance Framework from guidance into statute, proposing a dedicated issuance licence, full reserve backing in segregated trust accounts, par redemption, a ban on interest payment to holders, and quarterly stress testing with recovery and wind-down planning obligations. Separately, the statutory deadline for existing companies to file nominee information with the Accounting and Corporate Regulatory Authority's Register of Registrable Controllers, Register of Nominee Directors and Register of Nominee Shareholders passed on 31 December 2025, bringing a long-running beneficial-ownership transparency build-out to a compliance milestone, even though the registers remain closed to public inspection and accessible only to prescribed authorities. Both developments sit against the backdrop of Singapore's 2026 FATF mutual evaluation outcome, which placed the jurisdiction on Regular Follow-up, its strongest monitoring category, with Substantial ratings on seven of eleven Immediate Outcomes. That standing position frames both the credibility of the beneficial-ownership milestone and the seriousness with which the stablecoin consultation is likely to be read by counterparties and correspondent banks evaluating Singapore's financial-crime architecture. #### Other Developments Continued licensing enforcement against payment institutions. The Monetary Authority of Singapore revoked the Major Payment Institution licence of Sir Money Changer Pte Ltd, effective 14 October 2026, the latest in a pattern of licence actions against Payment Services Act licensees. The regulator's enforcement register records the action but the detailed grounds have not yet been independently retrieved, so the episode is best read as confirmation of an active supervisory posture rather than as evidence of a new typology. Fintech capital continues to flow toward payments infrastructure with digital-asset ambitions. IPID, a Singapore-incorporated payments-intelligence platform, closed a $16 million Series A round on 5 October 2026, with stablecoin capability cited among the uses of proceeds. This sits alongside continued state-level fintech investment commitment from the Monetary Authority of Singapore and a reported large funding round for Ant International, together describing a commercial environment in which stablecoin-adjacent product development is proceeding in parallel with, rather than waiting for, the legislative process. #### Cross-Monitor Connections The stablecoin consultation closing without a stated implementation date is a structural fact relevant to monitors tracking digital-asset market access and product launch planning: issuers and intermediaries now face a known destination (full reserve backing, par redemption, no interest) without a known arrival date, a sequencing gap that compliance and product teams elsewhere in the group are likely to be tracking as a market-access timing question rather than purely a financial-integrity one. The beneficial-ownership filing deadline closure is relevant to any monitor assessing corporate-transparency due diligence baselines for counterparties incorporated in Singapore; the practical value of the milestone is constrained by the fact that the underlying registers remain non-public, so the uplift is in regulatory record-keeping rather than in commercially available transparency. #### Outlook The stablecoin framework is expected to move toward enactment through 2027, with the exact commencement date still unresolved as scheduled; firms planning product launches referencing the Monetary Authority of Singapore's regulated-stablecoin label will be operating against a confirmed set of prudential requirements but an unconfirmed timeline. On beneficial ownership, the near-term question is less about further rule-making and more about whether the passed filing deadline produces any visible enforcement activity against companies that failed to update nominee records, which would be the first concrete test of the register's compliance teeth. Earlier periodic briefs (5) 25 Oct 2026 · fim-2026-10-25 #### Lead Signal Singapore's financial-crime architecture moved on two fronts: a tightening of oversight around corporate opacity and a consequential step in the maturation of its digital-asset regime. Beneficial-ownership reform crossed a compliance deadline, while the stablecoin framework advanced from policy statement toward binding law. The Monetary Authority of Singapore closed its consultation on legislative amendments to the Payment Services Act 2019 that would convert the 2023 Stablecoin Issuance Framework from guidance into statute, proposing a dedicated issuance licence, full reserve backing in segregated trust accounts, par redemption, a ban on interest payment to holders, and quarterly stress testing with recovery and wind-down planning obligations. Separately, the statutory deadline for existing companies to file nominee information with the Accounting and Corporate Regulatory Authority's Register of Registrable Controllers, Register of Nominee Directors and Register of Nominee Shareholders passed on 31 December 2025, bringing a long-running beneficial-ownership transparency build-out to a compliance milestone, even though the registers remain closed to public inspection and accessible only to prescribed authorities. Both developments sit against the backdrop of Singapore's 2026 FATF mutual evaluation outcome, which placed the jurisdiction on Regular Follow-up, its strongest monitoring category, with Substantial ratings on seven of eleven Immediate Outcomes. That standing position frames both the credibility of the beneficial-ownership milestone and the seriousness with which the stablecoin consultation is likely to be read by counterparties and correspondent banks evaluating Singapore's financial-crime architecture. #### Other Developments Continued licensing enforcement against payment institutions. The Monetary Authority of Singapore revoked the Major Payment Institution licence of Sir Money Changer Pte Ltd, effective 14 October 2026, the latest in a pattern of licence actions against Payment Services Act licensees. The regulator's enforcement register records the action but the detailed grounds have not yet been independently retrieved, so the episode is best read as confirmation of an active supervisory posture rather than as evidence of a new typology. Fintech capital continues to flow toward payments infrastructure with digital-asset ambitions. IPID, a Singapore-incorporated payments-intelligence platform, closed a $16 million Series A round on 5 October 2026, with stablecoin capability cited among the uses of proceeds. This sits alongside continued state-level fintech investment commitment from the Monetary Authority of Singapore and a reported large funding round for Ant International, together describing a commercial environment in which stablecoin-adjacent product development is proceeding in parallel with, rather than waiting for, the legislative process. #### Cross-Monitor Connections The stablecoin consultation closing without a stated implementation date is a structural fact relevant to monitors tracking digital-asset market access and product launch planning: issuers and intermediaries now face a known destination (full reserve backing, par redemption, no interest) without a known arrival date, a sequencing gap that compliance and product teams elsewhere in the group are likely to be tracking as a market-access timing question rather than purely a financial-integrity one. The beneficial-ownership filing deadline closure is relevant to any monitor assessing corporate-transparency due diligence baselines for counterparties incorporated in Singapore; the practical value of the milestone is constrained by the fact that the underlying registers remain non-public, so the uplift is in regulatory record-keeping rather than in commercially available transparency. #### Outlook The stablecoin framework is expected to move toward enactment through 2027, with the exact commencement date still unresolved as scheduled; firms planning product launches referencing the Monetary Authority of Singapore's regulated-stablecoin label will be operating against a confirmed set of prudential requirements but an unconfirmed timeline. On beneficial ownership, the near-term question is less about further rule-making and more about whether the passed filing deadline produces any visible enforcement activity against companies that failed to update nominee records, which would be the first concrete test of the register's compliance teeth. 18 Oct 2026 · fim-2026-10-18 #### Lead Signal Singapore's Monetary Authority closed Consultation Paper P015-2026 on 16 October 2026, the step that would give its 2023 Single-Currency Stablecoin policy statutory force within the Payment Services Act 2019. The draft new Part 2A would let MAS designate any stablecoin circulating in Singapore, wherever issued, as a designated systemic stablecoin by Gazette order, and direct licensed exchanges to delist a non-compliant issuer's token. From an architecture perspective, this is a notable instance of a financial centre reaching for extraterritorial designation and delisting powers over stablecoins issued entirely outside its borders but circulating within it, before the underlying legislation has been enacted. #### Other Developments AML/CFT regime recognition. Singapore's framework, anchored in the CDSA, MAS Notices 626/824/1014/PSN01/PSN02 and the Payment Services Act 2019, with the Suspicious Transaction Reporting Office as designated financial intelligence unit, was affirmed as robust and effective in Singapore's May 2026 FATF mutual evaluation, which placed the jurisdiction on Regular Follow-up, its best-ever result under a tougher fifth-round methodology. Beneficial-ownership gap persists. The same mutual evaluation flagged that risk mitigation around foreign legal persons and legal arrangements serviced by Singapore corporate service providers can be strengthened, an identified gap that continues rather than having newly emerged this cycle. #### Cross-Monitor Connections The stablecoin consultation's AML/CFT-relevant features connect directly to payments-sector architecture monitoring: the proposed delisting and trace-adjacent reserve and redemption controls would operate through licensed exchanges and reshape how illicit-finance exposure in stablecoin circulation is supervised. The persistent beneficial-ownership gap for foreign legal persons and arrangements is relevant to any monitor tracking enabler-jurisdiction and corporate-transparency architecture, since Singapore's corporate service provider sector sits at the center of that exposure. #### Outlook No commencement date has been announced for the P015-2026 amendments following the 16 October 2026 consultation close; MAS's regulatory horizon points to an expected impact window in the second quarter of 2027, though this remains an estimate with a half-year uncertainty band rather than a confirmed date. Whether the eventual legislation preserves the systemic-designation and delisting power as drafted, and how the beneficial-ownership gap identified in the mutual evaluation is addressed, are the two developments most worth tracking. 11 Oct 2026 · fim-2026-10-11 #### Lead Signal Singapore's 2026 FATF/APG Mutual Evaluation placed the jurisdiction on Regular Follow-up, an upgrade from Enhanced Follow-up recorded in 2016. The evaluation found strong risk-understanding and supervision ratings but moderate effectiveness on beneficial-ownership transparency and terrorism-financing investigations, alongside a sub-10% money-laundering prosecution rate of 682 cases out of 11,189, and no assets frozen under the UN Al-Qaeda/ISIS sanctions regime despite identified exposure. This is Singapore's best-recorded monitoring status, and it sits alongside a parallel tightening of the corporate-transparency architecture: the Corporate and Accounting Laws (Amendment) Act 2025 commenced on 6 May 2026, raising penalties for failures in the Register of Registrable Controllers, Register of Nominee Directors, and Register of Nominee Shareholders, and adding a duty to disclose the nominators standing behind nominee directors and shareholders. The central register, however, remains closed to the public, accessible only to ACRA, MAS, IRAS and law enforcement — a structural distinction from a UK-style public register of persons with significant control. #### Other Developments MAS enforcement activity continued across the period under review. The Monetary Authority of Singapore imposed a S$300,000 composition penalty on Padang Trust Singapore Pte. Ltd. for AML/CFT breaches, a decision dated 25 May 2026 and recorded on MAS's own enforcement register. Separately, MAS pursued enforcement action from 9 March 2026 against Capital Asia Investments, a capital markets services licence holder, over suspected money-laundering offences and serious AML/CFT control deficiencies. A statutory stablecoin regime is under live consultation. MAS Consultation Paper P015-2026 proposes to write the Single-Currency Stablecoin regime into the Payment Services Act 2019 on a statutory footing, requiring 100% high-quality-liquid-asset reserve backing, par redemption, an interest-payment ban, and introducing a new Gazette-order power to designate a stablecoin systemic regardless of where it is issued, reaching coins issued outside Singapore. Non-compliant designated systemic stablecoins could face delisting directions against licensed digital-payment-token providers. The consultation closed 16 October 2026, with subsidiary legislation to follow; no commencement date has yet been set. Commercial activity touched the crypto-licensing space. SBI Holdings completed its MAS-approved majority acquisition of Singapore digital-payment-token licensee Coinhako on 16 July 2026, a change-in-control transaction MAS cleared under its regulatory review process. #### Cross-Monitor Connections The proposed stablecoin regime connects directly to the crypto and world-payments monitors' tracking of Singapore's digital-asset infrastructure, since the same Gazette-order designation power and reserve requirements sit at the centre of both the payments-regulation and crypto-regulation pictures for this jurisdiction. The Coinhako acquisition is a shared commercial-activity signal across the financial-integrity, crypto and world-payments monitors, reflecting continued investor interest in MAS-regulated digital-asset infrastructure even as the regulatory perimeter around stablecoins tightens. #### Outlook The FATF Regular Follow-up status, while an improvement, leaves open questions the mutual evaluation itself flagged: beneficial-ownership transparency effectiveness and terrorism-financing investigation outcomes remain areas Singapore must continue to demonstrate progress on at future follow-up reporting. The stablecoin consultation's closure on 16 October 2026 is the next concrete marker — subsidiary legislation implementing the statutory SCS regime is expected to follow, though no date has been set, and the eventual capital and reserve requirements imposed on issuers will determine how the systemic-designation power is applied in practice. 28 Sep 2026 · fim-2026-09-28 #### Lead Signal Singapore's FATF/APG Mutual Evaluation, published 6 May 2026, upgraded the jurisdiction to Regular Follow-up from Enhanced Follow-up, a status it had held since 2016. This is its best-ever result under the tougher fifth-round methodology: Singapore was rated substantially effective on 7 of 11 Immediate Outcomes and Compliant or Largely Compliant on 37 of 40 Recommendations. The same report, however, found the sanctions imposed on nine financial institutions over the August 2023 S$3 billion money-laundering case, totalling S$27.45 million in composition penalties, not commensurate with the underlying breaches, and separately noted that only 682 of 11,189 money-laundering investigations resulted in prosecution, a rate below 10 per cent. Read together, these findings describe an architecture that international assessors now regard as competent and coordinated, sitting above a deterrence layer that the same assessors regard as too weak to match the architecture's own findings. #### Other Developments Sanctions-list maintenance continued on schedule. MAS Notice SNR-N01, governing financial measures in relation to Russia, was amended with effect from 27 February 2026, adjusting designated-entity and prohibited-activity provisions binding all Singapore financial institutions, including digital-payment-token service providers. The UN Security Council separately updated the ISIL (Da'esh) and Al-Qaida List on 4 September 2026, and MAS republished its designated-entities page accordingly. Corporate transparency tightened modestly. The Corporate Registers (Miscellaneous Amendments) Act 2025 commenced on 6 May 2026, raising penalties for failures to maintain or update the Register of Registrable Controllers, the Register of Nominee Directors and the Register of Nominee Shareholders, and expanding ACRA's enforcement powers. Singapore's beneficial-ownership register, the RORC, remains closed to the public, a structural choice CALA 2025 does not alter. A stablecoin framework moved from idea to consultation. MAS published a Consultation Paper on 1 September 2026, closing 16 October 2026, proposing amendments to the Payment Services Act 2019 to introduce a dedicated regulatory category for stablecoins, distinct from the general digital-payment-token classification that has applied until now. #### Cross-Monitor Connections The stablecoin consultation is a direct point of convergence with the crypto and world-payments monitors' own tracking of the same Payment Services Act amendment process; the digital-asset integrity dimension recorded here is the same underlying MAS initiative those monitors will render through their own lenses. The sanctions-architecture amendment to Notice SNR-N01 similarly binds digital-payment-token providers directly, linking Singapore's sanctions-compliance obligations to the crypto sector's own licensing perimeter rather than treating them as separate tracks. #### Outlook FATF's three-year roadmap for Singapore's follow-up cycle names beneficial-ownership verification, prosecution prioritisation, sentencing guidelines and UN 1267/1988 asset-freeze implementation as priority areas, with the roadmap's own horizon extending toward 2029. The MAS stablecoin consultation closes 16 October 2026, after which the shape of any statutory framework should become clearer. The gap between architecture and deterrence flagged in the May 2026 Mutual Evaluation is the single most important variable to watch: whether Singapore's next enforcement actions and prosecution rate begin to close that gap, or whether the Regular Follow-up upgrade proves to be an assessment of design rather than of outcome. 21 Sep 2026 · fim-2026-08-17 #### Lead Signal Singapore's 2026 FATF Mutual Evaluation Report placed the jurisdiction on Regular Follow-up, its best-ever outcome and an upgrade from the Enhanced Follow-up status it had held since 2016, achieved under FATF's tougher fifth-round methodology. The result affirms a robust and effective AML/CFT/CPF regime assessment for Singapore. Yet the same reporting cycle carried a materially different domestic signal: the Monetary Authority of Singapore revoked the Major Payment Institution licence of Bsquared Technology Pte Ltd for governance failures and repeated misrepresentation, imposed a S$300,000 composition penalty on Padang Trust Singapore Pte. Ltd. for AML/CFT breaches including delayed suspicious-transaction-report filing, and pursued a S$160 million asset seizure tied to Capital Asia Investments, though that action rests on secondary reporting rather than a located primary MAS release. Regionally, Cambodia's casino-linked scam-compound crackdown closed 91 casinos and deported over 13,000 foreign nationals, but Amnesty International found more than 70 percent of identified compounds bypassed the crackdown entirely. The structural improvement recorded in Singapore's FATF status therefore sits alongside an escalating enforcement caseload in its own enabler-adjacent sectors and a regional enforcement-gap picture that undercuts the wider Southeast Asian anti-scam narrative, the defining tension of this cycle. #### Other Developments MAS enforcement broadens across regulated firm types. The Padang Trust composition penalty targeted failures to inquire into transactions with no apparent economic or lawful purpose and delayed suspicious-transaction-report submission, a direct MAS enforcement notice. The Capital Asia Investments matter, involving suspected money-laundering offences, asset seizure, and reported director arrests at a capital-markets-services licence holder, is assessed with lower confidence: the interpreter records no direct MAS confirmation, relying instead on tier-three law-firm commentary, and this evidential gap should temper how heavily the action is weighted relative to the primary-sourced Padang Trust and Bsquared events. A rare licence revocation reaches the crypto sector. MAS revoked Bsquared Technology's Major Payment Institution licence effective 14 May 2026, citing significant weaknesses in risk management and conflict-of-interest policies and repeated submission of false or misleading information dating to the licence-application stage. Revocations remain uncommon among Singapore's roughly 37 digital-payment-token MPI licensees, making this a material crypto-integrity enforcement event rather than a routine supervisory action. Cambodia's crackdown reveals a persistent enforcement gap. Despite 91 casino closures following more than 250 raids and the deportation of 13,039 foreign nationals, Amnesty International documented that over 70 percent of identified scam compounds were bypassed, with casino owners retaining direct control of implicated sites, a pattern that raises a state-capture-adjacent concern about selective enforcement. Laos remains under increased monitoring. FATF's list published 19 June 2026 keeps Laos on the increased-monitoring register, asking for improved risk-based supervision of casinos, banks, and reporting entities operating in special economic zones, with the Golden Triangle SEZ persisting as a documented laundering-infrastructure node. Cartel fuel-theft financing drew coordinated US action. FinCEN issued a supplemental alert on fuel-theft and smuggling schemes tied to Cartel de Jalisco Nueva Generacion, published alongside OFAC sanctions on two Mexican nationals and nine entities, a sanctions-plus-advisory architecture pairing designation with financial-institution guidance. FATF's assessment flagged a proliferation-financing blind spot. Singapore's MER found that proliferation-financing risk awareness could improve in sectors not traditionally subject to FATF obligations, including shipping, trade, commodities exposure, and representation offices of foreign-flag states, a CPF-specific gap distinct from the broader AML/CFT pass, and one meriting continued tracking given the historic under-weighting of CTF and CPF findings relative to AML enforcement volume. #### Cross-Monitor Connections Two cross-monitor routings surface this cycle. The proliferation-financing awareness gap in trade, shipping, and commodities-adjacent sectors, together with cartel-controlled fuel-theft revenue streams and the Golden Triangle casino infrastructure, is relevant to ERM's dark-fleet and commodity-flow monitoring at medium assessed severity, these are financial-architecture nodes through which physical-commodity evasion and illicit-finance channels intersect. Separately, Cambodia's pattern of casino-owner state approval running concurrently with a crackdown that bypassed over 70 percent of identified compounds is flagged to WDM at high severity as a state-capture-adjacent signal: enforcement announced at the state level while implicated ownership structures retain state-sanctioned standing is the kind of divergence between stated policy and operational reality that WDM's state-capture lens is built to assess. #### Outlook Singapore's three-year roadmap of recommended actions, adopted at the February 2026 FATF Plenary alongside the Regular Follow-up designation, sets the frame against which the coming cycles should be read: continued MAS enforcement cadence across trust, capital-markets, and payment-institution licensees is consistent with a regime translating a strong evaluation outcome into sustained supervisory pressure, while the proliferation-financing awareness gap in non-traditional sectors remains a specific area to watch for whether guidance follows the MER's recommendation. Regionally, Cambodia's grey-list exposure and the credibility of its casino-compound crackdown depend on whether enforcement extends beyond the initial 91 closures, and Laos's Golden Triangle SEZ infrastructure appears likely to remain a standing laundering node absent a capacity-building intervention. The coordinated FinCEN-OFAC architecture against CJNG's fuel-theft networks suggests continued alignment between financial-institution advisories and sanctions designations as a preferred US enforcement pairing for cartel-finance cases. Domain intelligence (D1–D8) #### Sanctions Architecture and Evasion This cycle's sanctions-architecture signal centres on Mexico rather than Singapore. FinCEN issued a supplemental alert on fuel-smuggling and tax-evasion schemes linked to CJNG and other Mexican transnational criminal organisations, paired with OFAC designations against two Mexican nationals and nine entities. The pairing of a financial-intelligence-unit alert with Treasury designations is itself a structural signal: it indicates the fuel-theft financing channel has moved from an investigative concern to a designated-entity enforcement target, which typically precedes further asset-freezing and correspondent-banking de-risking action against the named network. No effective date for the accompanying OFAC designations could be confirmed from the available source material, and that gap is recorded rather than inferred. Continue reading Singapore's own targeted sanctions posture is unchanged this cycle: its narrowly scoped Russia-related measures, applied to a small number of designated banks, show no new autonomous listing activity, and no Singapore-specific sanctions-evasion architecture finding surfaced in the material available this cycle. This is a jurisdiction where the sanctions-architecture story is currently being written elsewhere, and Singapore's role in this cycle's sanctions picture is one of stability rather than movement. No update to this domain's Singapore-specific coverage is expected until new primary-source material naming a Singapore nexus to sanctions-evasion activity becomes available. #### Outlook The item to watch is whether the Mexican fuel-smuggling designations produce a visible correspondent-banking or trade-finance de-risking response among institutions with Mexican cartel-adjacent exposure, and whether a dated effective date for the OFAC designations becomes available to close the current gap. Singapore's targeted Russia-sanctions posture is not expected to change materially absent an external trigger. Judgment: Singapore's targeted financial sanctions regime under the UN Act 2001, TSOFA 2002 and FSM Act 2022 remains unchanged this cycle; the 2026 FATF/APG Mutual Evaluation flagged PF-TFS supervisory coverage gaps for DNFBPs and VASPs. Probable #### Beneficial Ownership Singapore's corporate-transparency architecture reached a compliance milestone this cycle rather than a legislative one. The statutory deadline of 31 December 2025, by which existing companies were required to file nominee data with the Accounting and Corporate Regulatory Authority's Register of Registrable Controllers, Register of Nominee Directors and Register of Nominee Shareholders, has now passed. This is the closing of a filing window that has been part of Singapore's beneficial-ownership regime for several years, and its passage is best read as consolidation of an existing framework rather than the introduction of a new one. Continue reading The practical significance of this milestone is bounded by a structural feature of Singapore's model that has not changed: the registers remain closed to public inspection and are accessible only to prescribed authorities, principally law enforcement and the Accounting and Corporate Regulatory Authority itself. For counterparties, correspondent banks and compliance functions conducting customer due diligence, the uplift from the passed deadline is in the completeness and currency of the underlying regulatory record rather than in any new commercially available disclosure channel. This is a jurisdiction where the structural architecture of beneficial-ownership transparency has been in place for some time, predating many comparable regimes, and where the current development is evolutionary completion of nominee-data coverage rather than a reform event. A durable structural backdrop against which this kind of national development should be read is the European Union's parallel transition, where the Anti-Money Laundering Regulation and the sixth Anti-Money Laundering Directive sit alongside the Anti-Money Laundering Authority Regulation, together moving corporate-transparency and beneficial-ownership supervision in the European Union from a purely national model toward a hybrid arrangement with direct and indirect oversight exercised at the Union level; Singapore sits outside that perimeter entirely, and its own register-based model, with restricted public access and nominee-specific disclosure obligations, continues to develop along an independent track shaped primarily by Financial Action Task Force recommendations on beneficial-ownership transparency rather than by the European instruments. The unresolved question following the deadline's passage is enforcement. No distinct compliance action against companies that failed to update nominee filings by the deadline has been identified this cycle, and the evidentiary basis for the deadline's passage itself rests on secondary commentary rather than a freshly retrieved primary instrument from the Accounting and Corporate Regulatory Authority or the Ministry of Law. The underlying facts should therefore be read as probable rather than confirmed pending direct retrieval of the governing instrument or a dated regulator statement. #### Outlook The near-term signal to watch is whether the Accounting and Corporate Regulatory Authority publishes any enforcement statistics or compliance-rate data tied to the passed deadline, which would be the first concrete test of whether the nominee-filing requirement has achieved meaningful coverage. Any announcement that expands access to the registers beyond prescribed authorities, whether through a FATF-aligned transparency commitment or a bilateral information-sharing arrangement, would be a materially more significant development than the deadline's passage itself and should be tracked separately. In the absence of such a move, the default expectation is continuity: a closed-register model, incrementally reinforced by the nominee-filing requirement, operating as a steady if unspectacular contributor to Singapore's overall AML/CFT standing. Judgment: No beneficial-ownership or corporate-transparency development was evidenced for Singapore this cycle. Uncertain #### Enabler Jurisdictions and Professional Facilitators Two enabler-jurisdiction stories move in opposite directions this cycle. Singapore closed a channel: from 30 June 2025, Singapore-incorporated digital token service providers serving only overseas customers must hold a licence under Part 9 of the Financial Services and Markets Act, and MAS has articulated a presumption against granting such licences given the elevated money-laundering and terrorism-financing risk associated with that business model. This closes a regulatory-arbitrage enabler pattern: a Singapore incorporation used as a booking entity for an overseas-only digital-asset business, without the incorporation itself triggering a matching Singapore licensing obligation. The presumption-against-licensing framing is a stronger signal than a simple registration requirement, because it indicates MAS intends to use the licensing gate itself as a risk-reduction tool rather than merely a disclosure mechanism. Continue reading Cambodia's enabler-jurisdiction risk continues to escalate in the opposite direction. The National Bank of Cambodia's own governor has warned of renewed risk of a third FATF grey-listing, tied to scam-centre and casino-linked money laundering. That the warning originates from within Cambodia's own central bank, rather than from an external assessor, is itself an analytically significant signal: it indicates the domestic supervisory authority recognises the risk but is positioned reactively rather than pre-emptively, a capacity-deficit pattern rather than a policy-choice pattern. Casino-linked and scam-centre-linked laundering typologies in the Mekong region have proven resistant to episodic enforcement responses precisely because the underlying enabler infrastructure is structural rather than tied to a single bad actor. Read together, the two developments illustrate the enabler-jurisdiction domain's core analytical point: enablement and enforcement are not symmetric across jurisdictions facing similar underlying risk. Singapore is closing a specific, identifiable regulatory gap through a licensing-perimeter mechanism it directly controls. Cambodia's exposure is embedded in a broader casino- and scam-centre-linked financial ecosystem that a single regulatory instrument cannot close, and its own central bank's public acknowledgement of grey-list risk is best read as evidence of a capacity deficit rather than an imminent policy fix. The Singapore development also intersects with the crypto and digital-asset domain: the same Part 9 FSMA regime that closes the incorporation-arbitrage enabler channel is the instrument MAS later used to revoke a Major Payment Institution and digital-payment-token licence, indicating the enabler-closure and the enforcement-follow-through are operating as a single regulatory programme rather than two independent actions. Cambodia has faced FATF grey-listing action before, and a third listing would represent a repeat-offender pattern that regional counterparts and correspondent banks are likely to price into their own Cambodia-linked de-risking decisions, independent of whatever specific remedial steps are eventually announced. #### Outlook The items to track are whether MAS's presumption against licensing produces visible application refusals or withdrawals in the Part 9 FSMA pipeline in the coming cycle, and whether Cambodia's grey-list risk crystallises into an actual FATF listing decision or is instead absorbed through incremental supervisory commitments. A third Cambodian grey-listing would be a significant regional enabler-jurisdiction escalation. Judgment: No development concerning Singapore as an enabler jurisdiction or professional-facilitator ecosystem was evidenced this cycle. Uncertain #### Conflict Finance and Extractive-Industry Integrity No Singapore-specific conflict-finance material surfaced this cycle; this absence is recorded explicitly rather than inferred as stability. The material available this cycle is regional rather than jurisdictional to Singapore: FinCEN issued a supplemental alert on fuel-smuggling and tax-evasion schemes linked to CJNG and other Mexican transnational criminal organisations, paired with OFAC designations against two Mexican nationals and nine entities. Fuel theft and smuggling functions as a non-narcotics illicit-revenue channel for these organisations, structurally resembling other resource-diversion conflict-finance patterns seen in extractive-adjacent contexts, even though the underlying commodity here is refined fuel rather than a mined or drilled extractive resource. The severity of the response — a financial-intelligence-unit alert paired with Treasury designations, alongside separate prosecutorial action against a sitting state governor — indicates enforcement authorities are treating this as an escalating priority rather than a routine designation cycle. Continue reading #### Outlook Given the absence of Singapore-specific material, this domain is flagged for limited signal this cycle within the jurisdiction set under review. The item to watch regionally is whether further OFAC designations or FinCEN alerts extend the fuel-smuggling enforcement pattern to additional cartel-linked networks, and whether a dated effective date for the current designations becomes available. No update to this domain's Singapore-specific coverage is expected until new primary-source material naming a Singapore nexus becomes available. Judgment: No conflict-finance development concerning Singapore was evidenced this cycle. Uncertain #### Crypto / Digital Assets / Financial Innovation Singapore's digital-asset financial-integrity posture moved materially this cycle on the strength of a single consultation closing. The Monetary Authority of Singapore's Consultation Paper P015-2026, which closed 16 October 2026, proposes to convert its 2023 policy-level Stablecoin Issuance Framework into binding law through amendments to the Payment Services Act 2019. The proposed regime includes a dedicated stablecoin-issuance licence, a requirement that issuers hold reserve assets equal to at least the full value of outstanding tokens in segregated trust accounts with permitted custodians, par-value redemption rights for holders, a prohibition on paying interest to stablecoin holders, and quarterly stress testing paired with recovery and wind-down planning obligations. None of this is yet in force; the consultation has closed but no implementation date has been announced, leaving the regime in a transitional state between settled policy expectation and binding statute. Continue reading This development sits alongside continued supervisory activity on the licensing side of the digital-asset perimeter. The Monetary Authority of Singapore revoked the Major Payment Institution licence of Sir Money Changer Pte Ltd effective 14 October 2026, extending a pattern of enforcement against Payment Services Act licensees that has included digital-payment-token businesses in prior cycles. Read together, the stablecoin consultation and the continued licence revocations describe a jurisdiction simultaneously building forward-looking statutory architecture for a specific instrument class while maintaining active supervisory pressure on existing licensees, a combination consistent with Singapore's broader approach of pairing permissive, clearly defined market access with assertive enforcement against firms that fail to meet conduct or disclosure standards. The absence of a stated commencement date for the stablecoin framework is itself a meaningful feature of the current position. Firms building toward the Monetary Authority of Singapore's "MAS-regulated stablecoin" label face a known substantive target without a known date of legal effect, a sequencing gap that is likely to shape commercial planning through 2027 more than any single provision of the proposed rules. #### Outlook The most consequential near-term event will be the Monetary Authority of Singapore's response to consultation feedback and any announcement of a commencement timeline, expected as scheduled sometime in 2027 given the current half-year uncertainty band around the estimated impact date. Market participants and correspondent counterparties assessing Singapore-domiciled stablecoin issuers should treat the proposed reserve, redemption and interest-ban provisions as the probable eventual standard even though they are not yet binding, while recognising that the formal transition from consultation to statute has not yet occurred. Continued licensing enforcement against payment institutions in the interim should be read as evidence of sustained supervisory capacity rather than as a signal of new typology risk specific to digital assets. Judgment: Singapore's digital-asset regime (Payment Services Act 2019 DPT licensing, FSM Act 2022 Part 9 DTSP licensing in force since 30 June 2025, and the MAS stablecoin regulatory framework) remains the governing architecture; no new instrument this cycle. Probable Judgment: No RegTech or compliance-technology development specific to Singapore was evidenced this cycle. Uncertain #### AML/CTF Regime Singapore's 2026 FATF/APG mutual evaluation, published 6 May 2026 on the basis of a July 2025 on-site visit, moved the jurisdiction from Enhanced Follow-up, a status held since 2016, to Regular Follow-up, the lightest monitoring tier in FATF's system. The Interpreter assigns this High confidence on a Tier 1 FATF/APG primary publication corroborated by Singapore's Ministry of Law AML Department, and frames it explicitly as an architectural finding: a comprehensive, multi-year regime assessment rather than a single enforcement episode, and the best outcome in Singapore's mutual-evaluation history. This upgrade now anchors a formally adopted three-year FATF Key Recommended Actions roadmap running to an expected 2029 review point. Continue reading The same evaluation identifies two residual gaps that the roadmap is designed to close. First, weak enforcement of cross-border cash-declaration cases: 439 recorded instances of failure to file or false declaration, of which only one was linked to broader criminality, a pattern the Interpreter reads as an enforcement-follow-through gap rather than a detection failure, since the declarations were captured but not meaningfully investigated. Second, proliferation-financing risk-awareness gaps in non-traditional sectors, a signal that corrects for the structural AML/CTF-versus-CPF weighting bias this analytical register is designed to guard against: CTF and CPF findings are frequently under-represented relative to AML enforcement volume, and this finding is one of the few PF-specific signals surfaced this cycle. Direct enforcement activity corroborates the regime's operative status independent of the mutual-evaluation upgrade itself. MAS imposed a S$300,000 composition penalty on Padang Trust Singapore Pte. Ltd. for AML/CFT breaches, specifically failure to inquire into unusual transactions and delayed suspicious-transaction-report filing, at High confidence on a Tier 1 MAS source. This runs in parallel with MAS's own consultation on proposed amendments to its AML/CFT Notices and Guidelines applicable to financial institutions and Variable Capital Companies — a live regulatory-development item whose outcome is not yet determined this cycle. #### Outlook The FATF roadmap's cross-border cash-declaration and proliferation-financing watch items are the concrete near-term benchmarks against which Singapore's AML/CTF regime should be assessed over the roadmap's three-year window running toward 2029. MAS's Notice 626 consultation outcome is the nearest operational signal to monitor, since it will indicate whether Singapore intends to translate the FATF upgrade's momentum into tightened day-to-day supervisory expectations for financial institutions and Variable Capital Companies, or whether the amendments are largely technical. The Interpreter's combined regulatory-signal assessment characterises Singapore's overall AML/CTF trajectory as improving, driven jointly by the FATF upgrade, beneficial-ownership registry completion, and crypto-licensing restrictiveness, with the Notice 626 outcome flagged as the primary near-term item for the next research cycle. Judgment: Singapore's AML/CTF regime (CDSA 1992, TSOFA 2002, MAS Notice 626 and PSN02, FSM Act 2022) is comprehensively evidenced this cycle, with a large composition-penalty enforcement round against nine financial institutions tied to a S$3 billion laundering case. Probable #### Commercial Activity Commercial activity in Singapore's payments and financial-innovation sector this cycle illustrates capital continuing to flow toward infrastructure with digital-asset ambitions even as the underlying stablecoin legal framework remains in consultation. IPID, a Singapore-incorporated payments-intelligence platform, closed a $16 million Series A funding round on 5 October 2026, with stablecoin and digital-asset capability cited among the intended uses of proceeds. This sits alongside a reported $1.2 billion Series A round for Ant International and the Monetary Authority of Singapore's own S$220 million commitment under its fintech innovation programme, together describing an environment of continued institutional and private capital commitment to Singapore's payments and financial-technology sector. Continue reading From a financial-integrity perspective, the significance of this commercial activity lies less in the transactions themselves, which carry standard commercial and investment characteristics, and more in the signal they send about market expectations for the trajectory of digital-asset regulation. Capital is being committed toward stablecoin-adjacent capability-building in advance of the Payment Services Act amendments reaching legal force, suggesting market participants regard the proposed reserve-backing, redemption and licensing requirements as likely eventual standards worth building toward now rather than contingencies to wait out. No adverse or illicit-finance-related commercial activity was identified in connection with these transactions this cycle; the record here is one of ordinary venture and growth financing rather than of enforcement or typology concern. The continued pace of fintech investment, taken together with the Monetary Authority of Singapore's own co-investment posture through its innovation programme, indicates that Singapore's commercial financial-services sector is not slowing its digital-asset build-out in response to the pending regulatory transition, but is instead treating the direction of travel as sufficiently clear to justify continued capital deployment. #### Outlook The near-term question is whether the volume and character of stablecoin-adjacent investment activity changes once the Monetary Authority of Singapore announces an implementation date for the Payment Services Act amendments. A confirmed commencement date would likely accelerate commercial commitments further by removing the current sequencing uncertainty; continued delay could, conversely, begin to dampen enthusiasm among issuers and intermediaries reluctant to build fully toward a still-unconfirmed regulatory destination. Either way, the commercial-activity picture in Singapore should continue to be read jointly with the stablecoin consultation's progress rather than as an independent indicator. Judgment: No commercial transaction in the financial-integrity vendor/compliance-technology space concerning Singapore was evidenced this cycle. Uncertain Regulatory horizon Consultation 2027-Q1 · ±half_year ### MAS proposed amendments to Payment Services Act 2019 for stablecoin regulation (P015-2026) A dedicated stablecoin-issuance licence, 100% reserve backing, par redemption, interest-payment ban, quarterly stress tests and recovery/wind-down plans. [Source](https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation) Adopted 2029 · ±multi_year ### FATF Key Recommended Actions Roadmap for Singapore Singapore is on a 3-year time-bound roadmap to address residual technical/effectiveness gaps identified in the 2026 mutual evaluation before its next FATF review point. [FATF / APG Source](https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html) Adopted 2029-Q1 · ±multi_year ### FATF three-year roadmap for Singapore follow-up Singapore's AML/CFT enforcement posture is expected to tighten across sentencing, BO verification and sanctions-asset-freeze implementation. [FATF / APG Source](https://theonlinecitizen.com/2026/05/07/fatf-gives-singapore-top-monitoring-status-but-flags-penalties-and-cross-border-gaps) 3 dated · 4 pending date · baseline fim-2026-07-08 Role action cards MLRO ### A passed beneficial-ownership filing deadline and an active Payment Services Act licence revocation both touch customer due-diligence baselines for Singapore-linked counterparties. The nominee-filing deadline closure affects the completeness of regulator-held beneficial-ownership data, though public-facing due diligence value is unchanged since the registers stay closed to non-prescribed parties. The Sir Money Changer licence revocation is a further data point for payment-institution counterparty risk screening in Singapore. 2 evidence refs Compliance ### MAS's stablecoin consultation closing without a commencement date creates a defined but undated target for Singapore-linked digital-asset policy review. Compliance functions overseeing stablecoin-adjacent products with Singapore exposure should track the proposed reserve, redemption and interest-ban requirements as the probable eventual standard, while noting the regime is not yet binding. 1 evidence refs Legal ### No material change for this persona this cycle. No material change for this persona this cycle Board ### Singapore's 2026 FATF mutual evaluation placed it on Regular Follow-up, its strongest monitoring category, reinforcing the jurisdiction's standing as a well-regulated financial centre even as a new digital-asset licensing regime develops. The FATF outcome supports continued confidence in Singapore as a financial-integrity-compliant hub for group operations, while the pending stablecoin legislation signals a tightening, not loosening, of the digital-asset perimeter. 1 evidence refs CTO ### A proposed statutory stablecoin regime in Singapore would impose reserve segregation, par redemption and quarterly stress-testing architecture on any MAS-regulated stablecoin product. Technical teams building or integrating Singapore-regulated stablecoin products should architect for segregated trust-account reserve custody and redemption-processing capability ahead of a confirmed but still-undated commencement date. 1 evidence refs Risk ### Continued MAS licence revocation activity against payment institutions signals sustained supervisory intensity that should inform concentration and counterparty risk models for Singapore-domiciled payment-sector exposure. The Sir Money Changer revocation adds to a pattern of enforcement actions against Payment Services Act licensees, relevant to risk models tracking payment-institution counterparty stability in Singapore. 1 evidence refs Operations ### No material change for this persona this cycle. No material change for this persona this cycle Audit ### The evidentiary basis for the passed beneficial-ownership nominee-filing deadline rests on secondary commentary rather than a freshly retrieved primary regulator instrument. Audit functions relying on this finding for control-testing purposes should note the underlying confidence tier is Probable rather than Confirmed pending direct retrieval of the governing Accounting and Corporate Regulatory Authority instrument. 1 evidence refs Scenario sketches ### AMLA direct-supervision transition and cross-border evasion pressure As the European Union's Anti-Money Laundering Authority assumes direct and indirect supervisory responsibility for a defined set of cross-border obliged entities under the AMLA Regulation, alongside the directly-applicable AML Regulation and the per-state transposition of the sixth AML Directive, one illustrative structural possibility is that entities previously accustomed to a purely national supervisory relationship inside the European Union begin routing a greater share of cross-border activity through non-EEA hubs such as Singapore, where beneficial-ownership registers remain closed to public inspection even as nominee-filing coverage improves. This is an illustrative orientation on how a supervisory architecture shift in one bloc could redirect flows toward jurisdictions with less public transparency, not an observed pattern or a prediction about Singapore specifically. Illustrative scenario for analytical orientation only. Not compliance advice, not a prediction, and not a statement of observed fact. Standing trackers (T1–T6) Tracker Status Note T1 · Sanctions Architecture and Evasion no_change T2 · EU AML Package / AMLA Build-out no_change T3 · Enabler Jurisdiction Dynamics no_change T4 · Conflict Finance Tracking no_change T5 · Crypto / VASP Regulatory Framework stable FSM Act 2022 Part 9 DTSP regime in force since 30 June 2025. T6 · Sanctions Regime Divergence no_change Registers ### Enforcement actions - 4 Jul 2025 - 14 Oct 2025 - 9 Oct 2025 - 20 Nov 2025 - MAS Financial Services and Markets Act (FSMA) Part 9 Digital Token Service Provider (DTSP) licensing compliance deadline of 30 June 2025 (statutory transition deadline rather than a discrete enforcement action). 30 Jun 2025 - 20 May 2026 - 9 Mar 2026 - 1 May 2026 - 25 May 2026 - 9 Mar 2026 - 9 Mar 2026 - 14 Oct 2026 - 17 Nov 2025 - - MAS imposed composition penalties totalling S$27.5 million on nine financial firms for AML lapses connected to the S$3 billion money-laundering case, with Credit Suisse's Singapore branch receiving the largest individual penalty of S$5.8 million. 4 Jul 2025 - Joint US-UK sanctions targeted 146+ individuals/entities of the Cambodia-based Prince Group scam-compound network, including Singapore-incorporated holding vehicles and Singapore nationals, alongside a US DOJ indictment of Chen Zhi and a record $15bn bitcoin forfeiture. 14 Oct 2025 - OFAC designated Singapore-registered vessel-management/logistics companies as part of Iran's sanctioned petrochemical export network under EO 13846/13902. 9 Oct 2025 - OFAC designated two Singapore nationals under the Iran-related sanctions program for links to Sepehr Energy's oil network supporting Iran's military and IRGC-linked finance. 20 Nov 2025 - MAS enforced the FSMA Section 137 DTSP licensing requirement, requiring firms providing digital token services from Singapore to overseas-only customers to cease operations or obtain a licence by 30 June 2025, with licences to be granted only in 'extremely limited circumstances'. 30 Jun 2025 ### Sanctions changes - 14 Oct 2025 - 14 Oct 2025 - 9 Oct 2025 - 24 Feb 2025 - 20 Nov 2025 - 30 Jun 2026 - 27 Feb 2026 - 4 Sep 2026 - 26 Feb 2026 - OFAC designated the Prince Group Transnational Criminal Organization, including Singapore-incorporated entities (Majesty Properties Pte Ltd, Key Advisors Pte Ltd) and Singapore nationals (Chen Xiuling, Nigel Tang), coordinated with a parallel UK FCDO/OFSI action the same day. 14 Oct 2025 - OFAC designated Singapore-registered shipping/logistics firms Logos Marine Pte Ltd and Hengyang Petrochemical Logistics under Iran-related sanctions authorities as part of a broader dismantling of Iran's energy export machine. 9 Oct 2025 - The EU's 16th Russia sanctions package added 53 entities to its military-industrial-complex/circumvention list, including one Singapore-based entity subject to tighter export restrictions on dual-use goods and technology. 24 Feb 2025 - OFAC designated two Singapore nationals (Fadzlon Bin Ahmad, Muhammad Danial Bin Fadzlon) under Iran-related sanctions authorities in connection with the Sepehr Energy oil network supporting Iran's military. 20 Nov 2025 ### Regulatory horizon (register) - National Risk Assessment refresh cycle (UK HMT NRA, EU SNRA) - FATF Key Recommended Actions Roadmap for Singapore - MAS stablecoin PS Act amendment consultation - FATF three-year roadmap for Singapore follow-up - MAS stablecoin regime statutory enactment following CP P015-2026 - Payment Services Act amendments to implement MAS Single-Currency Stablecoin framework - MAS proposed amendments to Payment Services Act 2019 for stablecoin regulation (P015-2026) - FATF/APG Mutual Evaluation of Singapore - Singapore regular follow-up report on 2026 MER Key Recommended Actions - MAS industry-wide AML 'waterline' standardization for banks - MAS DTSP licensing regime enforcement/compliance monitoring phase - Continued prosecutions/asset forfeiture in Prince Group-linked Singapore nodes ### Active schemes - [CRITICAL] S$3 billion wealth-hub layering via family offices, property, crypto - [CRITICAL] Prince Group scam-compound network using Singapore shell entities - [HIGH] Iran oil-shipping network using Singapore-registered shell operators - Regulatory-arbitrage DTSPs serving only overseas customers Sources - [1 Financial Sanctions Notice 14/10/2025 Global Human Rights Introduction](https://assets.publishing.service.gov.uk/media/68edf4d5e7b6794c076bbdc1/Notice_Global_Human_Rights_141025.pdf) - [https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html](https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html) - [https://www.mas.gov.sg/news/media-releases/2026/singapore-has-a-robust-framework-for-combatting-financial-crime-according-to-international-body](https://www.mas.gov.sg/news/media-releases/2026/singapore-has-a-robust-framework-for-combatting-financial-crime-according-to-international-body) - [https://www.setialaw.com/singapore-after-fatf-2026-a-strong-system-enters-its-harder-phase/](https://www.setialaw.com/singapore-after-fatf-2026-a-strong-system-enters-its-harder-phase/) - [https://www.acra.gov.sg/regulations/legislation/corporate-service-providers-act/](https://www.acra.gov.sg/regulations/legislation/corporate-service-providers-act/) - [https://www.kyckr.com/blog/singapore-corporate-register-acra-guide](https://www.kyckr.com/blog/singapore-corporate-register-acra-guide) - [https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd) - [https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers](https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers) - [https://agbrief.com/news/cambodia/26/01/2026/cambodia-battles-to-avoid-third-fatf-grey-list-placement-amid-scam-crackdown/](https://agbrief.com/news/cambodia/26/01/2026/cambodia-battles-to-avoid-third-fatf-grey-list-placement-amid-scam-crackdown/) - [https://www.fincen.gov/news/news-releases/fincen-issues-supplemental-alert-fuel-smuggling-and-tax-evasion-schemes-southern](https://www.fincen.gov/news/news-releases/fincen-issues-supplemental-alert-fuel-smuggling-and-tax-evasion-schemes-southern) - [FATF/APG](https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html) - [The Online Citizen](https://theonlinecitizen.com/2026/05/07/fatf-gives-singapore-top-monitoring-status-but-flags-penalties-and-cross-border-gaps) - [Ministry of Law (AML Dept)](https://acd.mlaw.gov.sg/news/notices-from-the-registrar/singapore-2026-mutual-evaluation-report/) - [FrankieOne](https://frankieone.com/frankieone-blog/singapore-got-the-best-fatf-result-in-its-history.-the-four-gaps-that-almost-cost-it) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/notices/notice-626) - [Allen & Gledhill](https://www.allenandgledhill.com/sg/perspectives/articles/30883/sgkh-mas-publishes-revised-amlcft-notices-and-guidelines-for-financial-institutions-and-variable-capital-companies) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/consultation-paper-on-proposed-amendments-to-amlcft-notices-and-guidelines.pdf) - [Bird & Bird](https://www.twobirds.com/en/insights/2026/singapore/mas-enforcement-action-implications-for-financial-institutions-regulated-by-mas) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/mas-imposes-$300000-composition-penalty-on-padang-trust-singapore-pte-ltd-for-aml-cft-breaches) - [Monetary Authority of Singapore](https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services) - [Kyckr](https://kyckr.com/guides-and-reports/singapore-corporate-register-acra-guide) - [Zephira.ai](https://zephira.ai/how-to-search-acra-for-free-singapore-company-registry-data/) - [Topograph](https://www.topograph.co/guides/business-registers-in-singapore) - [Casino Guardian](https://www.casinoguardian.co.uk/2026/01/27/cambodia-intensifies-crackdown-on-illegal-online-gambling-amid-fatf-scrutiny/) - [SiGMA](https://sigma.world/news/cambodia-anti-gambling-drive-fatf-grey-list/) - [We Are Not For Sale](https://wearenotforsale.org/human-trafficking/cambodia-scam-compounds-casinos-trafficking/) - [AGB](https://agbrief.com/news/cambodia/26/01/2026/cambodia-battles-to-avoid-third-fatf-grey-list-placement-amid-scam-crackdown/) - [Inside Asian Gaming](https://asgam.com/2026/07/28/nationwide-inspection-finds-72-of-cambodias-195-licensed-casinos-involved-in-online-fraud/) - [https://www.alpadis.com/insights/singapores-2026-fatf-mutual-evaluation-a-strong-result-and-a-clearer-brief-for-financial-institutions](https://www.alpadis.com/insights/singapores-2026-fatf-mutual-evaluation-a-strong-result-and-a-clearer-brief-for-financial-institutions) - [https://www.twobirds.com/en/insights/2026/singapore/mas-enforcement-action-implications-for-financial-institutions-regulated-by-mas](https://www.twobirds.com/en/insights/2026/singapore/mas-enforcement-action-implications-for-financial-institutions-regulated-by-mas) - [https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/mas-imposes-$300000-composition-penalty-on-padang-trust-singapore-pte-ltd-for-aml-cft-breaches](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/mas-imposes-$300000-composition-penalty-on-padang-trust-singapore-pte-ltd-for-aml-cft-breaches) - [https://www.mas.gov.sg/news/media-releases/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd](https://www.mas.gov.sg/news/media-releases/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd) - [https://www.mas.gov.sg/regulation/combatting-scams](https://www.mas.gov.sg/regulation/combatting-scams) - [https://www.amnesty.org/en/latest/news/2026/04/cambodia-casinos-get-state-approval-despite-links-to-human-rights-abuse-at-scamming-compounds/](https://www.amnesty.org/en/latest/news/2026/04/cambodia-casinos-get-state-approval-despite-links-to-human-rights-abuse-at-scamming-compounds/) - [https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2026.html](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2026.html) - [FATF](https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Mutualevaluations/mer-singapore-2026.html) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/mas-media-library/regulation/anti-money-laundering/targeted-financial-sanctions/mas-notice-snrn01-26-feb-2026-tracked-version.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions/lists-of-designated-individuals-and-entities) - [Clyde & Co](https://www.clydeco.com/en/insights/2025/07/zero-tolerance-mas-aml-failures-face-consequences) - [Simmons & Simmons](https://www.simmons-simmons.com/en/publications/cmualdwdj006outc4asaud6cw/mas-proposed-amendments-to-the-payment-services-act) - [https://kyckr.com/guides-and-reports/singapore-corporate-register-acra-guide](https://kyckr.com/guides-and-reports/singapore-corporate-register-acra-guide) - [https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf) - [https://www.theblock.co/amp/post/408761/sbi-holdings-completes-majority-acquisition-of-singapore-crypto-platform-coinhako-following-mas-approval](https://www.theblock.co/amp/post/408761/sbi-holdings-completes-majority-acquisition-of-singapore-crypto-platform-coinhako-following-mas-approval) - [Monetary Authority of Singapore](https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation) - [Anti-Money Laundering Department, Ministry of Law, Singapore](https://acd.mlaw.gov.sg/news/singapore-s-2026-mutual-evaluation-report/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/publications/monographs-or-information-paper/2026/enforcement-report) - [Sumsub](https://sumsub.com/blog/anti-money-laundering-aml-in-singapore-complete-guide/) - [The Industry Spread](https://theindustryspread.com/mas-payment-services-act-designated-systemic-stablecoin-delisting-power/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/mas-media-library/regulation/notices/amld/psn02-aml-cft-notice---digital-payment-token-service/notice-psn02-dated-2-april-2024.pdf) - [https://www.fatf-gafi.org/en/countries/detail/Singapore.html](https://www.fatf-gafi.org/en/countries/detail/Singapore.html) - [https://www.mas.gov.sg/-/media/mas-media-library/regulation/anti-money-laundering/targeted-financial-sanctions/mas-notice-snrn01-26-feb-2026-tracked-version.pdf](https://www.mas.gov.sg/-/media/mas-media-library/regulation/anti-money-laundering/targeted-financial-sanctions/mas-notice-snrn01-26-feb-2026-tracked-version.pdf) - [https://www.mas.gov.sg/regulation/enforcement/enforcement-actions](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions) - [https://zephira.ai/how-to-search-acra-for-free-singapore-company-registry-data/](https://zephira.ai/how-to-search-acra-for-free-singapore-company-registry-data/) - [https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers/types-of-payment-services) - [Allen & Gledhill](https://www.allenandgledhill.com/sg/publication/articles/30739/regulatory-framework-for-digital-token-service-providers-under-financial-services-and-markets-act-2022-in-operation-on-30-june-2025) - [Proof of Talk](https://proofoftalk.io/blog/singapore-digital-asset-regulation/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) - [Singapore Statutes Online / Attorney-General's Chambers](https://sso.agc.gov.sg/Act/GCA2022) - [Notabene](https://notabene.id/world/singapore) - [AML Singapore](https://amlsingapore.com/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/MAS-Media-Library/regulation/notices/AMLD/notice-626/MAS-Notice-626-Amendment-2022-1.pdf?la=en&hash=44F67AC60C70B29913976226FE908AC6E626EB08) - [MLRO Consulting](https://mlroconsulting.com/aml-requirements/aml-requirements-singapore/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/guidelines-to-mas-notice-626.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/MAS/News-and-Publications/Monographs-and-Information-Papers/MAS-Capital-Markets-Enforcement.pdf) - [Singapore Law Watch](https://www.singaporelawwatch.sg/About-Singapore-Law/Commercial-Law/ch-17-corporate-finance-and-securities-regulation) - [Monetary Authority of Singapore](https://www.mas.gov.sg/news/media-releases/2015/mas-takes-civil-penalty-action-against-lim-oon-cheng-and-lim-huey-yih-for-insider-trading) - [Monetary Authority of Singapore](http://www.mas.gov.sg/Regulations-and-Financial-Stability/Anti-Money-Laundering-Countering-The-Financing-Of-Terrorism-And-Targeted-Financial-Sanctions/Anti-Money-Laundering-and-Countering-the-Financing-of-Terrorism.aspx) - [Singapore Police Force](https://www.police.gov.sg/media-hub/news/2025/11/20251117_mas_imposes_civil_penalty_of_137000_on_mr_ang_yew_jin_eugene_for_insider_trading) - [FinCrime Central](https://fincrimecentral.com/mas-singapore-aml-fines-2025-enforcement-banks/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/mas-notice-626.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/annex-a2-mas-notice-626.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/mas-notice-psn02.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/mas-notice-626-amendment--new.pdf) - [Law Gazette (Law Society of Singapore)](https://lawgazette.com.sg/practice/compass/red-flag-indicators-reporting-suspicious-transactions/) - [Lexology (law firm commentary)](https://www.lexology.com/library/detail.aspx?g=35e25a0c-efd8-497b-b2d8-50f47dea852a) - [Attorney-General's Chambers Singapore (Singapore Statutes Online)](https://sso.agc.gov.sg/Act/TSFA2002?ValidDate=20220401&ViewType=Pdf) - [Attorney-General's Chambers Singapore (Singapore Statutes Online)](https://sso.agc.gov.sg/Act/TSFA2002?ValidDate=20211231&ViewType=Pdf&_=20211218060612) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/anti-money-laundering) - [Eversheds Sutherland](https://ezine.eversheds-sutherland.com/global-sanctions-guide/singapore) - [OneKey Biz](https://onekeybiz.com/insights/singapore-register-of-registrable-controllers-rorc-vs-malaysia-beneficial-ownership-2026.html) - [Clyde & Co](https://www.clydeco.com/en/insights/2025/08/the-corporate-service-providers-act-2024-csp-act) - [AML Singapore](https://amlsingapore.com/corporate-service-providers-act-2024-aml-ctf-updates-for-csps-in-singapore/) - [Alder Corporate Services](https://alder.com.sg/overview-of-regulated-dealers-in-singapore/) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2025/man-charged-for-insider-trading-and-deception-under-the-securities-and-futures-act) - [Singapore Exchange](https://rulebook.sgx.com/rulebook/5128) - [Lex Mundi](https://www.lexmundi.com/guides/anti-corruption-compliance-guide/jurisdictions/asia-pacific/singapore/) - [Clyde & Co](https://www.clydeco.com/en/insights/2025/07/corporate-accountability-for-criminal-offences) - [Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2025/mas-imposes-composition-penalties-against-five-major-payment-institutions) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/MAS/MPI/Guidelines/Guidelines-on-Individual-Accountability-and-Conduct.pdf) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/mas-media-library/publications/monographs-or-information-paper/amld/2024/proliferation-financing-national-risk-assessment.pdf) - [Monetary Authority of Singapore / IMDA](https://www.mas.gov.sg/news/media-releases/2024/mas-and-imda-announce-implementation-of-shared-responsibility-framework-from-16-december-2024) - [Lexology (law firm commentary)](https://www.lexology.com/library/detail.aspx?g=0bcc0e96-31f5-49fb-b957-e4cf7cf61081) - [Monetary Authority of Singapore](https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulatory-and-Supervisory-Framework/Anti_Money-Laundering_Countering-the-Financing-of-Terrorism/Guidelines-to-MAS-Notice-626--April-2015.pdf?la=en&hash=39653D944203593603305340F6BA9D8614018FBC) - [Law Society of Singapore](https://law-society-singapore-prod.s3.ap-southeast-1.amazonaws.com/2023/10/practice-direction-3.2.1-prevention-of-money-laundering-incl-proliferation-financing-and-financing-of-terrorism.pdf) - [One Constellation](https://one-constellation.com/blog/singapore-aml-cft-compliance-checklist/) - [One Constellation](https://one-constellation.com/blog/mas-notice-626-aml-cft/) - [Allen & Gledhill](https://www.allenandgledhill.com/sg/publication/articles/29332/corporate-service-providers-to-carry-out-fit-and-proper-assessment-on-nominee-directors-and-to-perform-customer-due-diligence-measures-under-corporate-service-providers-act-2024) - [Three Squared Nine](https://threesquarednine.com/publications/aml-cft-compliance-singapore-financial-institutions/) - [https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers/types-of-payment-services](https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers/types-of-payment-services) - [https://www.allenandgledhill.com/sg/publication/articles/30739/regulatory-framework-for-digital-token-service-providers-under-financial-services-and-markets-act-2022-in-operation-on-30-june-2025](https://www.allenandgledhill.com/sg/publication/articles/30739/regulatory-framework-for-digital-token-service-providers-under-financial-services-and-markets-act-2022-in-operation-on-30-june-2025) - [https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) - [https://lawgazette.com.sg/practice/compass/red-flag-indicators-reporting-suspicious-transactions/](https://lawgazette.com.sg/practice/compass/red-flag-indicators-reporting-suspicious-transactions/) - [https://fincrimecentral.com/mas-singapore-aml-fines-2025-enforcement-banks/](https://fincrimecentral.com/mas-singapore-aml-fines-2025-enforcement-banks/) - [https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/mas-notice-626.pdf](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/mas-notice-626.pdf) - [https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions](https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions) - [https://ezine.eversheds-sutherland.com/global-sanctions-guide/singapore](https://ezine.eversheds-sutherland.com/global-sanctions-guide/singapore) - [https://onekeybiz.com/insights/singapore-register-of-registrable-controllers-rorc-vs-malaysia-beneficial-ownership-2026.html](https://onekeybiz.com/insights/singapore-register-of-registrable-controllers-rorc-vs-malaysia-beneficial-ownership-2026.html) - [https://www.clydeco.com/en/insights/2025/08/the-corporate-service-providers-act-2024-csp-act](https://www.clydeco.com/en/insights/2025/08/the-corporate-service-providers-act-2024-csp-act) - [https://amlsingapore.com/corporate-service-providers-act-2024-aml-ctf-updates-for-csps-in-singapore/](https://amlsingapore.com/corporate-service-providers-act-2024-aml-ctf-updates-for-csps-in-singapore/) - [https://alder.com.sg/overview-of-regulated-dealers-in-singapore/](https://alder.com.sg/overview-of-regulated-dealers-in-singapore/) - [https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2025/man-charged-for-insider-trading-and-deception-under-the-securities-and-futures-act](https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2025/man-charged-for-insider-trading-and-deception-under-the-securities-and-futures-act) - [https://rulebook.sgx.com/rulebook/5128](https://rulebook.sgx.com/rulebook/5128) - [https://www.clydeco.com/en/insights/2025/07/corporate-accountability-for-criminal-offences](https://www.clydeco.com/en/insights/2025/07/corporate-accountability-for-criminal-offences) - [https://www.mas.gov.sg/regulation/anti-money-laundering](https://www.mas.gov.sg/regulation/anti-money-laundering) - [https://www.mas.gov.sg/-/media/MAS/MPI/Guidelines/Guidelines-on-Individual-Accountability-and-Conduct.pdf](https://www.mas.gov.sg/-/media/MAS/MPI/Guidelines/Guidelines-on-Individual-Accountability-and-Conduct.pdf) - [https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/guidelines-to-mas-notice-626.pdf](https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/guidelines-to-mas-notice-626.pdf) - [https://www.mas.gov.sg/-/media/mas-media-library/publications/monographs-or-information-paper/amld/2024/proliferation-financing-national-risk-assessment.pdf](https://www.mas.gov.sg/-/media/mas-media-library/publications/monographs-or-information-paper/amld/2024/proliferation-financing-national-risk-assessment.pdf) - [https://www.mas.gov.sg/news/media-releases/2024/mas-and-imda-announce-implementation-of-shared-responsibility-framework-from-16-december-2024](https://www.mas.gov.sg/news/media-releases/2024/mas-and-imda-announce-implementation-of-shared-responsibility-framework-from-16-december-2024) - [https://law-society-singapore-prod.s3.ap-southeast-1.amazonaws.com/2023/10/practice-direction-3.2.1-prevention-of-money-laundering-incl-proliferation-financing-and-financing-of-terrorism.pdf](https://law-society-singapore-prod.s3.ap-southeast-1.amazonaws.com/2023/10/practice-direction-3.2.1-prevention-of-money-laundering-incl-proliferation-financing-and-financing-of-terrorism.pdf) - [Singapore's measures to counter money laundering, terrorist financing and proliferation financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html) - [May 2026 Mutual Evaluation of Singapore](https://www.fatf-gafi.org/content/dam/fatf-gafi/mer/MER-Singapore-2026.pdf.coredownload.inline.pdf) - [Singapore](https://www.fatf-gafi.org/en/countries/detail/Singapore.html) - [Mutual Evaluation of Singapore](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mutualevaluationofsingapore.html) - [Assessments](https://www.fatf-gafi.org/en/calendars/assessments.html) - [Outcomes FATF Plenary, 11-13 February 2026](https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-FATF-plenary-february-2026.html) - [Follow-up Report to the Mutual Evaluation of Singapore](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Follow-upreporttothemutualevaluationofsingapore.html) - [Consolidated assessment ratings](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Assessment-ratings.html) - [Mutual Evaluations](https://www.fatf-gafi.org/en/publications/Mutualevaluations.html) - [Algeria's progress in strengthening measures to tackle money laundering and terrorist financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/algeria-fur-2026.html) - [Unpacking Singapore's Financial Services and Markets Act: What Crypto Firms Need to Know | TRM Labs](https://www.trmlabs.com/resources/blog/unpacking-singapores-financial-services-and-markets-act-what-crypto-firms-need-to-know) - [Crypto regulatory affairs: Singapore’s June 30 deadline for digital token service providers approaches](https://www.elliptic.co/blog/crypto-regulatory-affairs-singapores-june-30-deadline-for-digital-token-service-providers-approaches) - [Singapore Passes Anti-Money Laundering Bill - Bloomberg](https://www.bloomberg.com/news/articles/2024-08-06/singapore-passes-anti-money-laundering-bill) - [Singapore Seeks to Standardize Banks’ Anti-Laundering Rules - Bloomberg](https://www.bloomberg.com/news/articles/2024-07-18/singapore-seeks-to-standardize-banks-anti-laundering-rules) - [Mutual Evaluation of Singapore](https://www.fatf-gafi.org/en/countries/s-t/singapore/documents/mutualevaluationofsingapore.html) - [Singapore's measures to combat money laundering and terrorist financing](https://www.fatf-gafi.org/en/publications/Mutualevaluations/Mer-singapore-2016.html) - [Singapore Passes Bill Empowering Police to Protect Scam Victims - Bloomberg](https://www.bloomberg.com/news/articles/2025-01-07/singapore-passes-bill-empowering-police-to-protect-scam-victims) - [Singapore Proposes Law to Make It Easier to Prosecute Money Launderers - Bloomberg](https://www.bloomberg.com/news/articles/2024-07-02/singapore-proposes-law-to-boost-prosecution-of-laundering-cases) - [UBS, Citi Among Banks Punished in Singapore Laundering Saga - Bloomberg](https://www.bloomberg.com/news/articles/2025-07-04/ubs-citi-among-banks-punished-in-singapore-laundering-scandal) - [The Banks That Hold Most Money in Singapore Laundering Scandal](https://www.bloomberg.com/news/articles/2024-06-08/singapore-money-laundering-scandal-what-s-next-for-2-billion-of-seized-assets) - [Singapore Charges Ex-Citi, Julius Baer Bankers in Money Laundering Case](https://www.bloomberg.com/news/articles/2024-08-14/singapore-to-charge-two-ex-bankers-in-money-laundering-scandal) - [How Suspects Spent Billions in Singapore's Biggest Money Laundering Case - Bloomberg](https://www.bloomberg.com/news/articles/2023-12-04/how-suspects-spent-billions-in-singapore-s-biggest-money-laundering-case) - [Singapore Recovers Billions of Dollars in Money Laundering Case | OCCRP](https://www.occrp.org/en/news/singapore-recovers-billions-of-dollars-in-money-laundering-case) - [Singapore Banks Probe Rich Clients After Money-Laundering Case](https://www.bloomberg.com/news/articles/2024-06-09/banks-scramble-to-close-loopholes-after-singapore-money-laundering-scandal) - [Singapore Money Laundering Case: Latest on Banks, Politics, What’s at Stake - Bloomberg](https://www.bloomberg.com/news/articles/2023-10-09/singapore-money-laundering-case-latest-on-banks-politics-what-s-at-stake) - [Singapore Ends Pursuit of Money Launderers At Large Who Forfeited $1.4 Billion - Bloomberg](https://www.bloomberg.com/news/articles/2024-11-18/singapore-ends-pursuit-of-money-launderers-at-large-who-forfeited-1-4-billion) - [Sanctions Programs and Country Information | Office of Foreign Assets Control](https://ofac.treasury.gov/sanctions-programs-and-country-information) - [Russian Harmful Foreign Activities Sanctions | Office of Foreign Assets Control](https://ofac.treasury.gov/sanctions-programs-and-country-information/russian-harmful-foreign-activities-sanctions) - [SANCTIONS ADVISORY - Guidance for Shipping and ...](https://ofac.treasury.gov/media/934236/download?inline=) - [Recent Actions | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions) - [Sanctions List Service | Office of Foreign Assets Control](https://ofac.treasury.gov/sanctions-list-service) - [Home | Office of Foreign Assets Control](https://ofac.treasury.gov/) - [Russia-related Sanctions Programs | Office of Foreign Assets Control](https://ofac.treasury.gov/sanctions-programs-and-country-information/russia-related-sanctions) - [Where is OFAC's Country List? What countries do I need to worry about in terms of U.S. sanctions? | Office of Foreign Assets Control](https://ofac.treasury.gov/sanctions-programs-and-country-information/where-is-ofacs-country-list-what-countries-do-i-need-to-worry-about-in-terms-of-us-sanctions) - [D Updated Guidance for Foreign Financial Institutions on OFAC Sanctions](https://ofac.treasury.gov/media/932436/download) - [Publication of a Russia-related Alert: Impact of Sanctions and Export Controls on Russia’s Military-Industrial Complex; Publication of Russia-related Frequently Asked Question | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20221014) - [Exporting dual-use items - Trade and Economic Security](https://policy.trade.ec.europa.eu/help-exporters-and-importers/exporting-dual-use-items_en) - [1 EXPORT-RELATED RESTRICTIONS FOR DUAL-USE GOODS AND ADVANCED TECHNOLOGIES](https://finance.ec.europa.eu/document/download/586f9b62-50c3-46e3-9940-de73ae96a24b_en?filename=faqs-sanctions-russia-export-related-restrictions-russia_en.pdf) - [Report highlights EU’s approach to export controls of dual-use items - Trade and Economic Security](https://policy.trade.ec.europa.eu/news/report-highlights-eus-approach-export-controls-dual-use-items-2025-01-31_en) - [Suspected Evasion of Russian Export Controls](https://www.fincen.gov/system/files/shared/FTA_Russian_Export_Controls_FINAL_508.pdf) - [Questions and answers on the sixteenth package of restrictive measures against Russia - Enlargement and Eastern Neighbourhood](https://enlargement.ec.europa.eu/news/questions-and-answers-sixteenth-package-restrictive-measures-against-russia-2025-02-24_en) - [1 Department of Commerce, Department of the Treasury, and](https://ofac.treasury.gov/media/931471/download?inline=) - [2025 Update of the EU Control List of Dual-Use Items - Trade and Economic Security](https://policy.trade.ec.europa.eu/news/2025-update-eu-control-list-dual-use-items-2025-09-08_en) - [Statement on export controls and restrictions against Russia - Trade and Economic Security](https://policy.trade.ec.europa.eu/news/statement-export-controls-and-restrictions-against-russia-2024-07-11_en) - [Timeline - EU sanctions against Russia - Consilium](https://www.consilium.europa.eu/en/policies/sanctions-against-russia/timeline-sanctions-against-russia/) - [OFAC Consolidated Frequently Asked Questions | Office of Foreign Assets Control](https://ofac.treasury.gov/faqs/all-faqs) - [Guidance on Beneficial Ownership of Legal Persons](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-Beneficial-Ownership-Legal-Persons.html) - [THE GOVERNMENT OF THE REPUBLIC OF SINGAPORE overview - Find and update company information - GOV.UK](https://find-and-update.company-information.service.gov.uk/company/OE028653) - [BENEFICIAL OWNERSHIP OF LEGAL PERSONS MARCH 2023 MARCH 2023](https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Guidance-Beneficial-Ownership-Legal-Persons.pdf.coredownload.pdf) - [SINGAPORE AIRLINES LIMITED persons with significant control - Find and update company information - GOV.UK](https://find-and-update.company-information.service.gov.uk/company/OE023724/persons-with-significant-control) - [Frequently Asked Questions | FinCEN.gov](https://www.fincen.gov/boi-faqs) - [Factsheet: beneficial ownership - GOV.UK](https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/factsheet-beneficial-ownership) - [ACRA LIMITED more information - Find and update company information - GOV.UK](https://find-and-update.company-information.service.gov.uk/company/07211097/more) - [ACRA LIMITED overview - Find and update company information - GOV.UK](https://find-and-update.company-information.service.gov.uk/company/07211097) - [Singapore](https://www.fatf-gafi.org/content/dam/fatf-gafi/mer/MER-Singapore-2016.pdf.coredownload.inline.pdf) - [U.S. Beneficial Ownership Information Registry Now Accepting Reports | FinCEN.gov](https://www.fincen.gov/news/news-releases/us-beneficial-ownership-information-registry-now-accepting-reports) - [Iran-related Designations; Russia-related Designation Removal | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20251009) - [Transnational Criminal Organizations Designations and Designation Updates | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20251030) - [Transnational Criminal Organizations Designations; Cuba Designations; Russia-related Designations Removals; Issuance of TCO-related General License; Publication of OFAC-OFSI Comparative Overview | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20260623) - [Office of Foreign Assets Control - Sanctions Programs and Information | Office of Foreign Assets Control](https://ofac.treasury.gov/office-of-foreign-assets-control-sanctions-programs-and-information) - [Transnational Criminal Organizations Designations; Issuance of TCO-related General License | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20251014) - [Archive of Changes to OFAC's Sanctions Lists | Office of Foreign Assets Control](https://ofac.treasury.gov/specially-designated-nationals-list-sdn-list/archive-of-changes-to-the-sdn-list) - [Iran-related Designations; Counter Terrorism Designations, Updates, and Removals; Balkans-related Designation Removal | Office of Foreign Assets Control](https://ofac.treasury.gov/recent-actions/20251120) - [North Korea IT Workers: Inside the DPRK’s Crypto Laundering Network](https://www.chainalysis.com/blog/dprk-it-workers-north-korea-crypto-laundering-networks/) - [2025 Crypto Theft Reaches $3.4 Billion](https://www.chainalysis.com/blog/crypto-hacking-stolen-funds-2026/) - [OFAC Targets DPRK IT Workers Using Crypto](https://www.chainalysis.com/blog/ofac-targets-north-korean-it-workers-crypto-march-2026/) - [OFAC Charged and Sanctioned DPRK Facilitators](https://blog.chainalysis.com/reports/ofac-dprk-north-korea-sanctions-april-2023/) - [US Treasury Sanctions DPRK Bankers and Front Companies Laundering Proceeds from Cybercrime and IT Worker Operations | TRM Blog](https://www.trmlabs.com/resources/blog/us-treasury-sanctions-dprk-bankers-and-front-companies-laundering-proceeds-from-cybercrime-and-it-worker-operations) - [OFAC lists 53 crypto addresses of sanctioned North Korean Cheil Credit Bank](https://www.elliptic.co/blog/ofac-lists-53-crypto-addresses-of-sanctioned-north-korean-cheil-credit-bank) - [Russian and North Korean Cyberattack Infrastructure Converge: New Hacking Data Raises National Security Concerns - Chainalysis](https://www.chainalysis.com/blog/north-korea-russia-crypto-money-laundering/) - [Crypto Sanctions: 2026 Crypto Crime Report](https://www.chainalysis.com/blog/crypto-sanctions-2026/) - [U.S. and South Korea Sanction North Korean Cybercrime Bureaus | OCCRP](https://www.occrp.org/en/news/us-and-south-korea-sanction-north-korean-cybercrime-bureaus) - [Nigerian Influencer Implicated in $1.3 Billion DPRK Cyber-Campaign | OCCRP](https://www.occrp.org/en/daily/13918-nigerian-influencer-implicated-in-1-3-billion-dprk-cyber-campaign) - [Singapore to Sanction Russia in ‘Almost Unprecedented’ Move - Bloomberg](https://www.bloomberg.com/news/articles/2022-02-28/singapore-to-sanction-russia-in-almost-unprecedented-move) - [Singapore Banks Halt Russia Commodities Lending to Cut Risks - Bloomberg](https://www.bloomberg.com/news/articles/2022-02-28/singapore-banks-halt-russia-commodity-lending-as-sanctions-mount) - [Singapore Hits Russian Banks, Crypto Funding Under Sanctions - Bloomberg](https://www.bloomberg.com/news/articles/2022-03-05/singapore-to-sanction-russia-in-almost-unprecedented-move) - [Singapore Unveils Targeted Financial Sanctions on Russia - Bloomberg](https://www.bloomberg.com/news/articles/2022-03-14/singapore-imposes-targeted-financial-sanctions-against-russia) - [Russia's war against Ukraine: EU sanctions - Consilium](https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/) - [Belarus: EU adopts new round of individual sanctions over continued human rights abuses and imposes further targeted measures in response to involvement in Russia's military aggression against Ukraine - Consilium](https://www.consilium.europa.eu/en/press/press-releases/2023/08/03/belarus-eu-adopts-new-round-of-individual-sanctions-over-continued-human-rights-abuses-and-imposes-further-targeted-measures-in-response-to-involvement-in-russia-s-military-aggression-against-ukraine/) - [Sanctions Notice: 24 February 2026 Regime: Russia](https://assets.publishing.service.gov.uk/media/699c9dd4882eb23165f1277f/Sanctions_Notice__Russia__24_February_2026.pdf) - [Three years of Russia’s full-scale invasion and war of aggression against Ukraine: EU adopts its 16th package of economic and individual measures - Consilium](https://www.consilium.europa.eu/en/press/press-releases/2025/02/24/three-years-of-russia-s-full-scale-invasion-and-war-of-aggression-against-ukraine-eu-adopts-its-16th-package-of-economic-and-individual-measures/) - [Frequently asked questions - Sanctions against Russia - European Commission](https://finance.ec.europa.eu/eu-and-world/sanctions-restrictive-measures/sanctions-adopted-following-russias-military-aggression-against-ukraine/frequently-asked-questions-sanctions-against-russia_en) - [EU sanctions against Russia: questions and answers - Consilium](https://www.consilium.europa.eu/en/policies/sanctions-against-russia-explained/) - [Jurisdictions under Increased Monitoring - 13 February 2026](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2026.html) - ["Black and grey" lists](https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html) - [High-Risk Jurisdictions subject to a Call for Action - 13 February 2026](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-february-2026.html) - [High-risk and other monitored jurisdictions](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html) - [Jurisdictions under Increased Monitoring - 19 June 2026](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-june-2026.html) - [Countries / Jurisdictions](https://www.fatf-gafi.org/en/countries.html) - [News](https://www.fatf-gafi.org/en/the-fatf/news.html) - [History of the FATF](https://www.fatf-gafi.org/en/countries/fatf.html) - [FATF changes its grey listing criteria to further focus on risk](https://www.fatf-gafi.org/en/publications/Fatfgeneral/FATF-grey-listing-criteria.html) - [FATF](https://www.fatf-gafi.org/en/home.html) - [Press Releases | FinCEN.gov](https://www.fincen.gov/news/press-releases) - [Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies | FinCEN.gov](https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-5) - [Enforcement Actions | FinCEN.gov](https://www.fincen.gov/news/enforcement-actions) - [News | FinCEN.gov](https://www.fincen.gov/news) - [FinCEN Assesses $3.5 Million Penalty Against Paxful for Facilitating Suspicious Activity Involving Illicit Actors | FinCEN.gov](https://www.fincen.gov/news/news-releases/fincen-assesses-35-million-penalty-against-paxful-facilitating-suspicious) - [Treasury Convenes Financial Institutions and Law Enforcement to Identify and Dismantle Money Laundering Networks | FinCEN.gov](https://www.fincen.gov/news/news-releases/treasury-convenes-financial-institutions-and-law-enforcement-identify-and) - [FinCEN Combats Financial Support to the Sinaloa Cartel by Finding Transactions Involving 10 Mexico-based Gambling Establishments to be of Primary Money Laundering Concern | FinCEN.gov](https://www.fincen.gov/news/news-releases/fincen-combats-financial-support-sinaloa-cartel-finding-transactions-involving) - [Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies | FinCEN.gov](https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-3) - [PPSI-AMLCFT-NPRM.pdf](https://www.fincen.gov/system/files/2026-04/PPSI-AMLCFT-NPRM.pdf) - [Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies | FinCEN.gov](https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-1) - [FinCEN Issues Advisory and Financial Trend Analysis on Chinese Money Laundering Networks | FinCEN.gov](https://www.fincen.gov/news/news-releases/fincen-issues-advisory-and-financial-trend-analysis-chinese-money-laundering) - [Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies | FinCEN.gov](https://www.fincen.gov/index.php/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-and-3) - [UK Widens Sanctions on Suspected Prince Group Scam Operators | OCCRP](https://www.occrp.org/en/news/uk-widens-sanctions-prince-group) - [UK and US take joint action to disrupt major online fraud network - GOV.UK](https://www.gov.uk/government/news/uk-and-us-take-joint-action-to-disrupt-major-online-fraud-network) - [Historic U.S.–U.K. Operation Targets Southeast Asia’s Scam Compounds with Record $15 Billion Bitcoin Seizure | TRM Labs](https://www.trmlabs.com/resources/blog/historic-u-s--u-k-operation-targets-southeast-asias-scam-compounds-with-record-15-billion-bitcoin-seizure) - [UK crackdown on vile scam centres steps up with sanctions on illicit crypto network - GOV.UK](https://www.gov.uk/government/news/uk-crackdown-on-vile-scam-centres-steps-up-with-sanctions-on-illicit-crypto-network) - [Prince Group targeted with $15B crypto seizure and sanctions for pig butchering operations](https://www.elliptic.co/blog/prince-group-targeted-with-crypto-sanctions-for-global-pig-butchering-operations) - [How Sweeping Sanctions Missed a Business Partner of the Alleged Head of a Major Asian Crime Organization | OCCRP](https://www.occrp.org/en/scoop/how-sweeping-sanctions-missed-a-business-partner-of-the-alleged-head-of-an-major-asian-crime-organization) - [Alleged Member of ‘Notorious’ Cambodian Scam Network Bought Luxury Dubai Properties | OCCRP](https://www.occrp.org/en/scoop/alleged-member-of-notorious-cambodian-scam-network-bought-luxury-dubai-properties) - [Cambodia Extradites Chair of Alleged ‘Criminal’ Conglomerate to China | OCCRP](https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china) - [1 Financial Sanctions Notice 14/10/2025 Global Human Rights Introduction](https://assets.publishing.service.gov.uk/media/68edf4d5e7b6794c076bbdc1/Notice_Global_Human_Rights_141025.pdf) - [FATF / Asia-Pacific Group on Money Laundering](https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-singapore-2026.html) - [FATF](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2026.html) - [US Department of the Treasury, OFAC](https://ofac.treasury.gov/recent-actions/20251014) - [US Department of the Treasury, OFAC](https://ofac.treasury.gov/recent-actions/20251009) - [US Department of the Treasury, OFAC](https://ofac.treasury.gov/recent-actions/20251120) - [European Commission](https://enlargement.ec.europa.eu/news/questions-and-answers-sixteenth-package-restrictive-measures-against-russia-2025-02-24_en) - [Bloomberg](https://www.bloomberg.com/news/articles/2025-07-04/ubs-citi-among-banks-punished-in-singapore-laundering-scandal) - [Bloomberg](https://www.bloomberg.com/news/articles/2024-08-14/singapore-to-charge-two-ex-bankers-in-money-laundering-scandal) - [Bloomberg](https://www.bloomberg.com/news/articles/2024-06-08/singapore-money-laundering-scandal-what-s-next-for-2-billion-of-seized-assets) - [OCCRP](https://www.occrp.org/en/news/singapore-recovers-billions-of-dollars-in-money-laundering-case) - [Elliptic](https://www.elliptic.co/blog/crypto-regulatory-affairs-singapores-june-30-deadline-for-digital-token-service-providers-approaches) - [TRM Labs](https://www.trmlabs.com/resources/blog/unpacking-singapores-financial-services-and-markets-act-what-crypto-firms-need-to-know) - [TRM Labs](https://www.trmlabs.com/resources/blog/historic-u-s--u-k-operation-targets-southeast-asias-scam-compounds-with-record-15-billion-bitcoin-seizure) - [OCCRP](https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china) Coverage gaps fim-int-2026-07-07-G001: No verification of whether Singapor… fim-int-2026-07-07-G001: No verification of whether Singapore has issued its own domestic designations mirroring the OFAC/EU listings against Singapore-registered entities (Logos Marine, Hengyang Petrochemical, Majesty Properties, Key Advisors). [resolved] fim-int-2026-07-07-G002: No confirmation of MAS's supervisor… fim-int-2026-07-07-G002: No confirmation of MAS's supervisory findings evaluating DTSP wind-down or relocation compliance post-30-June-2025 deadline. [resolved] fim-int-2026-07-07-G003: No primary-source clarification of … fim-int-2026-07-07-G003: No primary-source clarification of STRO's statutory independence provisions to resolve the FATF MER's institutional-independence ambiguity note. [resolved] fim-int-2026-07-07-G004: No identification of the unnamed Si… fim-int-2026-07-07-G004: No identification of the unnamed Singapore-based entity listed in the EU's 16th Russia sanctions package. [resolved] fim-int-2026-07-07-G005: No confirmed timeline or draft legi… fim-int-2026-07-07-G005: No confirmed timeline or draft legislation for ACRA to extend beneficial-ownership registration to Variable Capital Companies and Unregistered Foreign Companies. [resolved] fim-int-2026-08-05-G001: No SG-specific D4 (conflict-finance… fim-int-2026-08-05-G001: No SG-specific D4 (conflict-finance) finding located this cycle; absence recorded rather than inferred stability. [resolved] fim-int-2026-08-05-G002: No current-cycle Tier-D material fo… fim-int-2026-08-05-G002: No current-cycle Tier-D material found for Laos or Colombia; recorded as explicit no-source absence. [resolved] fim-int-2026-08-05-G003: Precise effective_date for the OFAC… fim-int-2026-08-05-G003: Precise effective_date for the OFAC designations accompanying the FinCEN cartel fuel-smuggling alert could not be established from the source excerpt; a sanctions_changes entry was withheld pending a dated primary source. [resolved] fim-int-2026-08-05-G004: No SG-specific D6 compliance-techno… fim-int-2026-08-05-G004: No SG-specific D6 compliance-technology/AI supervisory citation found this cycle; MAS's enforcement posture is inspection-led, not documented AI/ML-monitoring guidance. [resolved] fim-int-2026-08-17-G001: Colombia (CO) Tier D coverage could… fim-int-2026-08-17-G001: Colombia (CO) Tier D coverage could not be completed this cycle within the pooled search budget. [resolved] fim-int-2026-08-17-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-08-17-G002 ({'scheme': 'financial_integrity', 'value': 'D2'}): Beneficial ownership register mechanics (RORC) for Singapore not independently re-verified this cycle beyond the MER's general assessment. [resolved] fim-int-2026-08-17-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-08-17-G003 ({'scheme': 'financial_integrity', 'value': 'D3'}): No direct T1 GRA/MAS confirmation for the Capital Asia Investments enforcement action beyond T3 law-firm reporting. [resolved] fim-int-2026-08-17-G004 ({'scheme': 'financial_integrity', '… fim-int-2026-08-17-G004 ({'scheme': 'financial_integrity', 'value': 'D2'}): No T1 ACRA/MinLaw primary page was reached this cycle for the beneficial-ownership registry domain specifically; findings rest on converging T3/T4 secondary analyses. [resolved] fim-int-2026-09-28-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G001 ({'scheme': 'financial_integrity', 'value': 'D3'}): No primary source located this cycle for D3 (enabler-jurisdiction) findings specific to Singapore beyond the FATF MER's general note on DNFBP risk-based consistency. [resolved] fim-int-2026-09-28-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G002 ({'scheme': 'financial_integrity', 'value': 'D4'}): D4 conflict-finance domain is not applicable to Singapore's typical exposure profile; no primary source sought or found this cycle. [resolved] fim-int-2026-09-28-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G003 ({'scheme': 'financial_integrity', 'value': 'D6'}): No dated primary source located this cycle for D6 compliance-technology/RegTech developments specific to Singapore. [resolved] fim-int-2026-09-28-G004: Tier D watch jurisdictions (KH, LA,… fim-int-2026-09-28-G004: Tier D watch jurisdictions (KH, LA, MX, CO) were not actively searched this cycle; pooled search budget was allocated to the bound jurisdiction SG. [resolved] fim-int-2026-09-28-G005 ({'scheme': 'financial_integrity', '… fim-int-2026-09-28-G005 ({'scheme': 'financial_integrity', 'value': 'D7'}): The S$3bn ML case composition-penalty figure rests on two T3 sources; no primary MAS enforcement decision URL was retrieved this cycle, capping confidence at Probable. [resolved] fim-int-2026-10-11-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-10-11-G001 ({'scheme': 'financial_integrity', 'value': 'D1'}): No dedicated Russia dark-fleet/tech-procurement rerouting signal search was run for Singapore this cycle. [resolved] fim-int-2026-10-11-G002: Tier D jurisdictions (Cambodia, Lao… fim-int-2026-10-11-G002: Tier D jurisdictions (Cambodia, Laos, Mexico, Colombia) were not actively searched this cycle due to pooled search budget allocation to SG. [resolved] fim-int-2026-10-11-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-10-11-G003 ({'scheme': 'financial_integrity', 'value': 'D5'}): Final statutory capital figure for the MAS stablecoin regime awaits subsidiary legislation following the 16 October 2026 consultation close. [resolved] fim-int-2026-10-18-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-10-18-G001 ({'scheme': 'financial_integrity', 'value': 'D5'}): GRA's/MAS's own annual-report detail behind the consultation was not independently verified beyond the consultation page itself; exact draft clause numbers rest on T3 commentary. [resolved] fim-int-2026-10-18-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-10-18-G002 ({'scheme': 'financial_integrity', 'value': 'D7'}): Exact STR filing-deadline statutory provision was not independently verified against the MAS Notice text; rests on a T3 compliance-vendor guide. [resolved] fim-int-2026-10-25-G001: No dedicated RegTech/active-defence… fim-int-2026-10-25-G001: No dedicated RegTech/active-defence guidance update was found for Singapore this cycle (D6). [resolved] fim-int-2026-10-25-G002: No Singapore-specific enabler-juris… fim-int-2026-10-25-G002: No Singapore-specific enabler-jurisdiction (D3) or conflict-finance (D4) material surfaced this cycle. [resolved] fim-int-2026-11-02-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-11-02-G001 ({'scheme': 'financial_integrity', 'value': 'D7'}): Granular SCDD pinpoint detail, audit-cycle frequency and information-sharing gateway mechanics were not reached within the research search budget this cycle. [open] fim-int-2026-11-02-G002 ({'scheme': 'financial_integrity', '… fim-int-2026-11-02-G002 ({'scheme': 'financial_integrity', 'value': 'D7'}): Per-institution breakdown of the S$27.45m 2025 composition penalties (Fujian Gang case) was not captured; only the aggregate figure and statutory basis are evidenced. [open] fim-int-2026-11-02-G003 ({'scheme': 'financial_integrity', '… fim-int-2026-11-02-G003 ({'scheme': 'financial_integrity', 'value': 'D7'}): Full content and recommendation-by-recommendation detail of the 2026 FATF/APG Mutual Evaluation Report of Singapore was not retrieved beyond the single summary quote. [open] fim-int-2026-11-04-G001 ({'scheme': 'financial_integrity', '… fim-int-2026-11-04-G001 ({'scheme': 'financial_integrity', 'value': 'D7'}): Granular SCDD pinpoints, audit-cycle frequency and information-sharing gateway detail for Singapore AML/CFT architecture were not located within the search budget. [open] FIM-GAP-001 (D3): The 2026 MER found significantly fewer inv… FIM-GAP-001 (D3): The 2026 MER found significantly fewer investigations into tax crimes, corruption and trade-based money laundering compared to fraud-driven cases, with over 80% of Singapore's 11,000+ ML investigations in the last 5 years originating from cyber-enabled fraud victim complaints. FIM-GAP-002 (D2): ACRA's beneficial ownership registry cover… FIM-GAP-002 (D2): ACRA's beneficial ownership registry covers all legal persons except Variable Capital Companies and Unregistered Foreign Companies, and the MER found limited mechanisms to verify the accuracy of registered BO information. FIM-GAP-003 (D5): Despite Singapore developing into one of t… FIM-GAP-003 (D5): Despite Singapore developing into one of the world's most significant VASP hubs, the MER found the overall number of enforcement actions against financial institutions and VASPs remains relatively low. FIM-GAP-004 (D3): The MER notes ambiguity about STRO's (Sing… FIM-GAP-004 (D3): The MER notes ambiguity about STRO's (Singapore's FIU) operational independence, though this has not been observed to impede its functional output to date. ## Evidence #### Confidence-tiered claims Regular Follow-up (upgrade from 2016 Enhanced Follow-up); Substantial on 7 of 11 Immediate Outcomes, Moderate on 4 (IO.5, IO.7, IO.10, IO.11) [[Source 1]](#sec-sources) Probable · 1 source CALA 2025 commenced 6 May 2026, raising penalties for RORC/ROND/RONS register failures and adding disclosure of nominators behind nominee directors/shareholders. [[Source 1]](#sec-sources) Probable · 1 source MAS imposed a S$300,000 composition penalty for AML/CFT breaches, decision dated 25 May 2026. [[Source 1]](#sec-sources) Probable · 1 source MAS pursued enforcement action (9 March 2026) against a capital markets services licence holder over suspected money-laundering offences and serious AML/CFT control deficiencies. [[Source 1]](#sec-sources) Probable · 1 source MAS proposes to write the Single-Currency Stablecoin regime into the Payment Services Act 2019: 100% HQLA reserve backing, par redemption, interest-payment ban, and a new Gazette-order 'designated systemic stablecoin' power reaching coins issued outside Singapore, with DPT-provider delisting directions for non-compliance. [[Source 1]](#sec-sources) Probable · 1 source SBI Holdings completed its MAS-approved majority acquisition of Singapore DPT licensee Coinhako on 16 July 2026. [[Source 1]](#sec-sources) Probable · 1 source Consultation Paper P015-2026 on Payment Services Act amendments to implement the Single-Currency Stablecoin framework closed 16 October 2026 [[Source 1]](#sec-sources) Probable · 1 source Anchored in CDSA, MAS Notices 626/824/1014/PSN01/PSN02 and the Payment Services Act 2019; STRO is the designated FIU; STRs generally due within five business days of suspicion, or one business day for sanctioned parties [[Source 1]](#sec-sources) Probable · 1 source Upgraded to FATF 'Regular Follow-up' in the May 2026 mutual evaluation, its best-ever result [[Source 1]](#sec-sources) Probable · 1 source FATF's 2026 mutual evaluation flagged that risk mitigation around foreign legal persons and foreign legal arrangements can be strengthened [[Source 1]](#sec-sources) Probable · 1 source P015-2026 proposes an interest-payment ban on stablecoin holders, mandatory stress testing and recovery/wind-down planning for issuers, and a trace/freeze/burn technical capability requirement on issuers [[Source 1]](#sec-sources) Probable · 1 source MAS revoked the Major Payment Institution licence effective 14 October 2026 [[Source 1]](#sec-sources) Probable · 1 source 31 December 2025 nominee-data filing deadline for existing companies has passed; registers remain closed to the public, accessible only to prescribed authorities [[Source 1]](#sec-sources) Probable · 1 source Dedicated stablecoin-issuance licence, 100% HQLA reserves in segregated trust accounts, par redemption, interest-payment ban, quarterly stress testing and recovery/wind-down plans; consultation closed 16 October 2026, not yet law [[Source 1]](#sec-sources) Probable · 1 source Targeted financial measures against designated Russian banks, entities and Donetsk/Luhansk sectors remain in force, last amended 26 February 2026 [[Source 1]](#sec-sources) Probable · 1 source 2025-06-30 [[Source 1]](#sec-sources) Probable · 1 source in_force [[Source 1]](#sec-sources) Probable · 1 source 2023-08-15 [[Source 1]](#sec-sources) Probable · 1 source A person who knows or suspects property is linked to crime, learnt through trade/profession/business/job, must file an STR with STRO. [[Source 1]](#sec-sources) Probable · 1 source A correspondent bank may not enter into or continue a correspondent banking relationship with a respondent lacking adequate AML/CFT controls, not regulated/supervised for AML/CFT, or that is a shell financial institution. [[Source 1]](#sec-sources) Probable · 1 source A payment service provider must perform CDD on any DPT transaction regardless of value; cross-border DPT transfers exceeding S$1,500 require full originator information. [[Source 1]](#sec-sources) Probable · 1 source Companies, foreign companies and LLPs must maintain a Register of Registrable Controllers and lodge particulars with ACRA's central register; new companies from 16 June 2025 must file at incorporation. [[Source 1]](#sec-sources) Probable · 1 source Any business providing corporate services in or from Singapore must register with ACRA and perform CDD before providing a corporate service or lodging a transaction with ACRA. [[Source 1]](#sec-sources) Probable · 1 source A financial institution that fails or refuses to comply with any MAS AML/CFT Notice requirement is guilty of an offence and liable to a fine not exceeding S$1 million per offence. [[Source 1]](#sec-sources) Probable · 1 source MAS imposed S$27.45 million in composition penalties on nine financial institutions in 2025 for AML/CFT breaches connected to the Fujian Gang / S$3 billion money-laundering case. [[Source 1]](#sec-sources) Probable · 1 source MAS imposed a civil penalty of S$137,000 on an individual for insider trading in SGX-listed Alpha Energy Holdings Limited shares, announced 17 November 2025. [[Source 1]](#sec-sources) Probable · 1 source A 2026 FATF/APG Mutual Evaluation Report rates Singapore's PF-TFS effectiveness and technical compliance (R.7 rated LC), flagging DNFBP/VASP supervisory coverage gaps. [[Source 1]](#sec-sources) Probable · 1 source Digital payment token service includes buying/selling DPTs, operating exchange platforms, transmission, custodian wallet services, and facilitation of DPT trades. [[Source 1]](#sec-sources) Probable · 1 source DTSP framework for persons operating from Singapore who provide digital token services solely outside Singapore came into operation on 30 June 2025. [[Source 1]](#sec-sources) Probable · 1 source Single-currency stablecoins pegged to SGD or a G10 currency, issued in Singapore via MPI licence, may seek the 'MAS-regulated stablecoin' label subject to reserve, capital, redemption-at-par and disclosure requirements. [[Source 1]](#sec-sources) Probable · 1 source Any person who knows or suspects property is linked to crime, learnt through trade, profession, business or job, must report it to STRO via SONAR. [[Source 1]](#sec-sources) Probable · 1 source MAS imposed S$27.45 million in composition penalties on nine financial institutions in 2025 for AML/CFT breaches connected to a large money-laundering case (Fujian Gang / S$3 billion case). [[Source 1]](#sec-sources) Probable · 1 source 2026 FATF/APG Mutual Evaluation flags gaps in DNFBP/VASP supervisory coverage of PF-TFS obligations, rating R.7 largely compliant. [[Source 1]](#sec-sources) Probable · 1 source No bank shall open or maintain an anonymous account or an account in a fictitious name. [[Source 1]](#sec-sources) Probable · 1 source Financial institutions must immediately freeze funds, assets or economic resources of UN-designated individuals/entities and inform MAS. [[Source 1]](#sec-sources) Probable · 1 source Singapore does not maintain a single consolidated searchable sanctions list; only UN Security Council-mandated measures are binding, not unilateral US/UK/EU sanctions [[Source 1]](#sec-sources) Probable · 1 source Registrable controllers (>25% shares/voting or significant control) must be recorded on a private RORC; changes entered within 7 calendar days and lodged with ACRA within 2 business days after that; new companies from 16 June 2025 must keep the register from incorporation [[Source 1]](#sec-sources) Probable · 1 source Corporate service providers must register with ACRA and perform CDD before providing a corporate service, before lodging any transaction with ACRA, and whenever ML/TF/PF is suspected or doubt exists over prior information [[Source 1]](#sec-sources) Probable · 1 source A person may not act as nominee director by way of business unless the appointment is arranged by a registered CSP, which must assess fitness and propriety; relationships recorded on the Register of Nominee Directors [[Source 1]](#sec-sources) Probable · 1 source Regulated dealers must perform CDD before entering designated transactions of S$20,000 or more (cash/cash-equivalent, including linked transactions) and lodge a Cash Transaction Report with STRO within 15 business days [[Source 1]](#sec-sources) Probable · 1 source A connected person dealing while possessing inside information commits insider trading under s.218; criminal penalty up to 7 years imprisonment and/or SGD 250,000 fine per charge (s.221) [[Source 1]](#sec-sources) Probable · 1 source A Trading Member/Representative must immediately inform SGX-ST of reasonable suspicion of market manipulation, insider trading or other prohibited trading conduct [[Source 1]](#sec-sources) Probable · 1 source Singapore has no statutory 'failure to prevent bribery/fraud/tax evasion' offence; the High Court (China Railway case) deferred any expansion of corporate liability to Parliament [[Source 1]](#sec-sources) Probable · 1 source A financial institution failing to comply with an applicable MAS AML/CFT Notice faces a fine up to SGD 1,000,000 per offence, plus SGD 100,000 per day for continuing offences [[Source 1]](#sec-sources) Probable · 1 source MAS imposed S$27.45 million in composition penalties against nine financial institutions in 2025 relating to AML/CFT control failures linked to a major money-laundering case [[Source 1]](#sec-sources) Probable · 1 source Banks' enterprise-wide ML/TF risk assessments must incorporate Singapore's national ML, TF and PF National Risk Assessment reports [[Source 1]](#sec-sources) Probable · 1 source Financial institutions and telecommunications companies have defined anti-scam duties; breach is the starting point for allocating phishing-scam loss responsibility under a waterfall approach, implemented from 16 December 2024 [[Source 1]](#sec-sources) Probable · 1 source A lawyer or law practice with knowledge or reasonable grounds to suspect property connected with criminal conduct or TF must disclose it to STRO, subject to legal privilege [[Source 1]](#sec-sources) Probable · 1 source