Skip to main content

Advertisement

Advertisement

Singapore to stop issuing S$10,000 notes

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 today (July 2).

Singapore S$10,000 note to be discontinued. Source: MAS

Singapore S$10,000 note to be discontinued. Source: MAS

Follow TODAY on WhatsApp

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 today (July 2).

Speaking at the ABS Financial Crime Seminar, 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 the 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. CHANNEL NEWSASIA

Read more of the latest in

Advertisement

Advertisement

Stay in the know. Anytime. Anywhere.

Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.

By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.