No significant funds from Myanmar firms, individuals in Singapore banks: MAS

The regulator expects financial institutions to remain vigilant to any risk-posing transactions.

The Monetary Authority of Singapore (MAS) said its regular surveillance of the banking system has not found significant funds from Myanmar companies and individuals in banks in Singapore.

MAS issued the statement in response to media queries.

Myanmar’s military has recently seized power and detained the leaders from the opposition party, including state counsellor Aung San Suu Kyi, alleging fraud in the country’s 2020 elections.

MAS said it expects financial institutions to remain vigilant to any transactions that could pose risks to the institution, including dealing with companies and individuals subject to financial sanctions by foreign jurisdictions.

“MAS also expects financial institutions in Singapore, as always, to comply with MAS regulations that implement United Nations Security Council resolutions, and guard against fund flows that could be related to illicit activities,” the regulator added.

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