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Singapore government raises penalties for unreported AML cases

In a bid to amp up regulatory deterrence of illicit fund transfers in Singapore, the city-state’s parliament has raised the penalty for failing to file suspicious transaction reports (STRs). Following the second reading of the ‘Serious Crimes and Counter Terrorism (Miscellaneous Amendments) Bill 2018’ earlier this week, the penalties for not filing STRs have increased from a maximum of S$20,000 to…

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