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MYANMAR CRISES:Singapore regulator tells banks to be vigilant on Myanmar fund flows after coup

SINGAPORE:Singapore’s central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes.

In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief executives of financial institutions of the need for robust customer due diligence and appropriate risk mitigation measures in higher risk situations.

The move comes amid weeks of mass demonstrations in Myanmar after the military seized power.Singapore’s position as one of the world’s leading financial centres and a trade hub makes it particularly vulnerable to money laundering due to large cross-border flows. Singapore has close ties with Myanmar and is one of its biggest investors.

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