According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
Singapore is still rated 'partially compliant' on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.
Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.
The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.
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