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Mas Fines Remsea, Arcade Plaza Traders, J-Dee, Mobile Community Tech and Oxpay

Singapore’s Monetary Authority (MAS) imposed composition penalties amounting to a total of $ 960,000 on five major payment institutions (MPISs), which are allowed to provide cross -border money transfer services for violations of the requirements for the fight against money.

Violations were identified during MAS’s exams on compliance with the requirements of MAS PSN01 on the prevention of money laundering and tackling terrorism funding – defined payment services. MPIs were found to have inadequate AML/CFT checks in place, resulting in multiple violations of AML/CFT requirements.

  • Remsea PTE LTD: A $ 280,000 composition was imposed on Remsea for violations that took place between August 2020 and August 2023.
  • ARCADE PLAZA TRADERS PTE LTD (APT): A $ 260,000 synthesis sentence was imposed on APT for violations that took place between March 2020 to August 2023.
  • J-Dee Services PTE Ltd: Intensity of the $ 170,000 composition was imposed on J-dee for violations that took place between July 2022 to August 2023.
  • Mobile Community Tech PTE LTD (MCT): A $ 140,000 synthesis sentence was imposed on MCT for violations that took place between September 2021 to July 2023.
  • Oxpay SG PTE LTD: A $ 110,000 composition was imposed on Oxpay for violations that took place between May 2021 to November 2022.

Overall, violations have put the MPIs at risk of being used as a pipeline for financial crime. Failure to conduct adequate customer custody measures prevents MPIS’s ability to evaluate and mitigate the ML/TF dangers related to its customers. In addition, the inability to provide information on wire transfer creators and the beneficiaries of wire transfer of cross -border cable transport undermines the transparency and detection of capital movement.

MAS expects that the higher management of financial institutions will play an active role to oversee the implementation of adequate AML/CFT controls and to ensure the steady effectiveness of rehabilitation measures. MPIs have established plans to restore the findings and MAS will carefully monitor their progress.