AML Singapore: Anti‑Money Laundering Services and AML Compliance in Singapore

AML Singapore is a team of Singapore AML specialists and a trusted anti-money laundering service provider in Singapore. Unlike a general compliance services firm in Singapore, we work only on AML/CFT. We do not hand out the same template to every client. Instead, we build an AML compliance programme that fits your risk, your products, your customers and the size of your business, and we work side by side with your compliance officer and senior management.

Many Singapore businesses face the same problems. Their AML policy was copied from another firm. Their business risk assessment was done once and never updated. Customer files are missing beneficial owner details or source of wealth checks. The compliance officer has too many other jobs to do. Singapore supervisors expect controls that work in practice, not just documents on a shelf. We help you find and fix these gaps before an inspection does.

Our work is grounded in the source documents. Every policy, risk assessment and training session we deliver is mapped to the CDSA, the TSOFA, your MAS Notice or sector rules, and Singapore's latest National Risk Assessments. When the rules change, we tell you what changed, what it means for your business and what you need to update.

An AML check, also called an anti-money laundering check, is how you confirm who your customer is, who owns and controls them, and whether they bring a money laundering, terrorism financing or sanctions risk. In Singapore, this is the core of customer due diligence under the MAS AML Notices and the DNFBP rules. Our Managed KYC and CDD service runs each AML check in Singapore through six clear steps. Where customers are onboarded remotely, we run the AML check online using reliable digital identity and due diligence screening tools.

1. Identify the customer

   Collect full name, ID details, address, date of birth or incorporation, and the nature of the business.

2. Verify the information

   Check documents and data from reliable, independent sources, including online AML checks for non-face-to-face customers.

3. Find the beneficial owners

   Look through companies, trusts and nominees to the individuals who own or control the customer.

4. Screen names

   Screen the customer, beneficial owners and connected parties for sanctions, PEP status and adverse media.

5. Rate the risk

   Give each customer a risk rating and apply enhanced checks, such as source of wealth, where the risk is high.

6. Review regularly

   Update customer files on a risk-based cycle and whenever something important changes.

You can use our team as an extension of your own, or we can review and fix your existing KYC files in Singapore before an inspection.

AML regulations in Singapore combine core criminal and sanctions laws, sector-specific legislation and binding regulatory notices. Supervisory guidelines and circulars provide further guidance on implementation and regulatory expectations. The requirements applicable to your business depend on its activities, licensing status and supervisor.

We help you identify the requirements that apply to your business and translate them into practical risk assessments, policies, customer due diligence procedures, monitoring controls, reporting processes and staff training.

The table below summarises the key laws and regulatory instruments we help businesses comply with. Not every requirement applies to every business.

Breaches of Singapore's AML requirements can result in substantial fines, imprisonment for individuals and regulatory action against businesses and their management. AML penalties in Singapore depend on the offence, the applicable legislation and the circumstances of the breach.

Enforcement extends to weaknesses in compliance controls. On 4 July 2025, MAS announced composition penalties totalling S$27.45 million against nine financial institutions following supervisory examinations connected to the major money laundering case uncovered in August 2023. Identified weaknesses included customer risk assessment, source of wealth checks, transaction monitoring and follow-up after STR filing.

• 01
  Failure to Report Can Be a Criminal Offence

  Where the reporting duty under CDSA section 45 applies, failure to disclose can result in a fine of up to S$250,000, imprisonment for up to three years, or both for an individual. A company or other non-individual offender can face a fine of up to S$500,000 (section 45(3)).

• 02
  Companies Face Significant Money Laundering Fines

  A company convicted of a money laundering offence under CDSA section 54 can face a maximum fine of S$1 million or twice the value of the benefits from criminal conduct involved in the offence, whichever is higher (section 54(7)).

• 03
  Sector-Specific Duties Carry Separate Penalties

  A registered corporate service provider that breaches specified customer due diligence or CDD record-keeping obligations can face a fine of up to S$100,000 under section 17(7) of the Corporate Service Providers Act 2024.

  A regulated precious stones and precious metals dealer that fails to comply with mandatory cash transaction reporting requirements can face a fine of up to S$20,000, imprisonment for up to two years for an individual offender, or both, under section 17 of the PSPM Act 2019.

• 04
  Compliance Failures Can Affect Businesses and Careers

  A financial institution that fails or refuses to comply with requirements in an applicable MAS AML/CFT Notice can face a fine of up to S$1 million for each offence under the Financial Services and Markets Act 2022.

  Consequences can also extend to responsible individuals. In its July 2025 enforcement action, MAS issued prohibition orders lasting between three and six years against four individuals and reprimanded others for AML-related failings.

These are selected statutory maximum penalties and enforcement examples. The outcome in an individual case depends on the offence, the facts and the applicable legal provisions.

• PS

  Pathik Shah

  Founder and Partner

  FCA, CAMS, CISA, CS, DISA (ICAI), FAFD (ICAI). 28+ years in governance, risk and compliance.

• JM

  Jyoti Maheshwari

  Partner, CAMS, ACA

  11+ years in regulatory compliance and risk assessment design.

• DV

  Dipali Vora

  Partner, CAMS, ACS

  10+ years in enterprise-wide risk assessment, CDD and sanctions.

• MS

  Monika Shah

  Partner, CAMS

  Has delivered 100+ AML/CFT frameworks and written 50+ pieces on financial crime typologies and red flags.