- POSTED: 02 Jul 2014 14:38
- UPDATED: 03 Jul 2014 12:10
The move is meant to address the risk of money laundering through large value cash transactions: Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee.
SINGAPORE: From Oct 1, S$10,000 notes will no longer be issued in a move to lower the risk of money laundering, the Monetary Authority of Singapore (MAS) said on Wednesday (July 2).
Speaking at the ABS Financial Crime Seminar on Wednesday, MAS Deputy Managing Director Ong Chong Tee said the development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions.
Mr Ong added that the discontinuation of the note is not expected to create any major inconvenience. “Existing S$10,000 notes in circulation will remain legal tender, including all notes under the Currency Inter-changeability Agreement with Brunei. However, we expect the stock of such notes to dwindle over time, as worn notes are returned to us and not replaced,” he said.
In his speech, Mr Ong also said MAS plans to launch a public consultation on proposed amendments to its regulatory framework to tighten checks against money laundering and terrorist financing. Proposed amendments include requiring banks to screen customers, tightening the threshold for enhanced measures on cross-border wire transfers, and providing a risk-based approach for “politically exposed persons”, he said.