Singapore's central bank tells financial firms to be vigilant regarding Myanmar transactions

04 March 2021
Singapore's central bank tells financial firms to be vigilant regarding Myanmar transactions
The skyline of the financial district in Singapore. Photo: EPA

Singapore's central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes.

In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief executives of financial institutions of the need for robust customer due diligence and appropriate risk mitigation measures in higher risk situations.

In the circular, the MAS urged financial institutions to keep timely tabs on the fast developing situation in Myanmar, including unilateral sanctions imposed by other jurisdictions.