MAS fines five firms for AML breaches in June

The penalties were issued on 27 June 2025 following inspections that uncovered failures to comply with key AML/CFT requirements.

The Monetary Authority of Singapore (MAS) has imposed $960,000 in composition penalties on five Major Payment Institutions for breaching Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations.

The penalties were issued on 27 June 2025 following inspections that uncovered failures to comply with key AML/CFT requirements.

The five penalised firms are Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd, and OxPay SG Pte Ltd. According to MAS, these breaches posed serious compliance concerns and warranted a decisive regulatory response.

MAS stated that enforcement actions are selected based on the nature and severity of the misconduct, to deter future breaches and maintain Singapore’s reputation as a clean and trusted financial hub.

In addition to composition penalties, MAS may also issue reprimands, prohibition orders, civil penalties, or refer cases for criminal prosecution, depending on the circumstances.