On 1 July 2025, the Monetary Authority of Singapore (MAS) released its quarterly update on regulatory and enforcement actions. MAS imposed composition penalties totalling S$960,000 on five regulated entities i.e. Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd, and OxPay SG Pte Ltd, for violations of Singapore’s AML/CFT requirements applicable to Major Payment Institutions under the Singapore’s Payment Services Act 2019 and relevant AML notices.
MAS has the authority to take a range of enforcement actions in response to regulatory breaches, including reprimands, civil penalties, composition payments, prohibition orders, and, where warranted, referrals for criminal prosecution. In line with its statutory mandate, MAS assesses each enforcement case with reference to the severity of the breach, potential systemic impact, and deterrent effect required to prevent recurrence.
The five penalised firms were found to have breached requirements relating to anti-money laundering controls and obligations to counter the financing of terrorism (CFT). While the specific details of each firm’s misconduct were not publicly disclosed.
Entities seeking detailed insights into MAS enforcement actions may visit the Enforcement Actions page on the official MAS website.
(Source: https://www.mas.gov.sg/regulation/enforcement/enforcement-actions)
