On Monday, July 1, the Monetary Authority of Singapore published an updated version of the criteria for the National Terrorism Financing Risk Assessment (NRA) and the National Strategy for Countering Terrorist Financing (CFT). In accordance with the new rules for assessing potential risks, Digital Payment Token (DPT) service providers conducting operations in the country A medium-high level of danger has been assigned in the gradation system of the national regulator.
Companies providing cross-border online payment services to crypto investors have fallen into the zone of maximum risk. Since MAS is identified as a potential channel for illegal activities related to money laundering.
"Maintaining Singapore's reputation as a reliable financial center is important for our development," explained Thong Leng Yeng, Director of the MAS Anti—Money Laundering Department.
The new MAS risk assessment criteria will require bankers and participants in the Singapore crypto market to tighten financial controls and identify suspicious transactions in a timely manner. For example, related to the use of transit accounts and dropper services by criminals.
Earlier, the Singapore authorities amended the Law on Payment Services, obliging Singaporean crypto companies to register with MAS, ensuring the separation of client assets from their own funds. As well as submit accounting reports and have technical tools to ensure the safety of digital assets.