Singapore
Singapore has one integrated financial regulator: the Monetary Authority of Singapore licenses banks, payment firms, crypto providers and insurers and issues their binding anti-money laundering Notices, while the Gambling Regulatory Authority supervises casinos. Suspicious transaction reports go to the Police's Suspicious Transaction Reporting Office. Remote onboarding must be at least as robust as face-to-face, and telecom, healthcare, travel and marketplaces follow their own identity rules.
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Frequrently asked questions
The Monetary Authority of Singapore licenses and supervises banks, payment firms, crypto providers and insurers, and issues binding anti-money laundering Notices whose breach is a criminal offence with fines of up to S$1 million. The Gambling Regulatory Authority supervises casino AML. Suspicious transaction reports from any business go to the Police's Suspicious Transaction Reporting Office.
Yes. Banks, payment firms, crypto providers and life insurers may onboard remotely if checks are at least as robust as face-to-face, with extra anti-impersonation steps such as face matching or live video. Payment and crypto firms must also commission an independent assessment of their remote controls. Mobile operators use Singpass for online sign-up.
No. An NRIC number identifies a person but is not secret, so it cannot prove who someone is. Private organisations must stop using full or partial NRIC numbers as passwords or identity checks by 31 December 2026, and the Personal Data Protection Commission steps up enforcement from 1 January 2027. Collecting the number needs a legal or high-fidelity reason.
Yes. MAS guidelines for payment and crypto firms list facial recognition among accepted anti-impersonation checks, provided it is linked incontrovertibly to the customer, but MAS sets no biometric standard. Biometric data falls under the Personal Data Protection Act 2012. Singpass Face Verification matches a face scan against government photo records for higher-risk actions.
Telecom operators, healthcare providers, online marketplaces, hotels, travel agents and public agencies are not covered by AML customer due diligence rules. Their identity duties come from licence conditions, health licensing, anti-scam codes, hotel guest record rules and Singpass terms. Every business must still report suspected criminal property, and money-changers have their own AML duties.