Four REMIT Fines Announced by Bulgarian Regulator
EWRC has announced four separate REMIT enforcement actions to various market participants for Article 4 disclosure breaches and a registration failing.
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In an uncharacteristically terse message to regulated entities, the Monetary Authority of Singapore (MAS) issued statement regarding their lack of tolerance for those individuals or firms engaged in illicit activities involving money laundering and terrorism financing (ML/TF).
The statement was triggered by this announcement by the Singapore police regarding the arrest of 10 individuals, all foreign nationals, relating to a variety of charges including money laundering. MAS are in the process of investigating a number of financially regulated business for compliance failings. The statement highlights that “MAS will take firm action against FIs which are found to have breached MAS’ stringent requirements on anti-money laundering/countering the financing of terrorism, or to have inadequate controls against money laundering/terrorism financing (ML/TF) risks.“
RegTrail Insights
Energy and commodity firms active in Singapore, regardless of regulatory status, are strongly advised to ensure that their AML policies and procedures are up to date and effective, and that their AML systems and processes are robust and effective. With heightened focus in this area, the breadth of MAS’s investigations may widen to include the energy and commodity sector. Vigilance is advised.
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