MAS Fines Surge Sixfold in 2025
Fines from the Monetary Authority of Singapore grew by more than six times in 2025, diverging from a global decline by regulators elsewhere.
In 2025, fines issued by the Monetary Authority of Singapore (MAS) reached S$22,294,740, according to analysis by Fenergo, a provider of digital solutions for client lifecycle management (CLM), know your customer (KYC) and transaction monitoring. The fines surged 579 percent year-on-year and are related to KYC, anti-money laundering (AML) and sanctions-related breaches.
This contrasts with a multi-year decline in regulatory fines globally, which totalled $3.8 billion in 2025, compared to $4.6 billion in 2024 and $6.6 billion in 2023.
«In Singapore, enforcement action has intensified following a major money laundering scandal,» commented Rory Doyle, head of financial crime policy at Fenergo. «In response, the MAS has tightened its focus on private banking and cross-border wealth flows, with a clear aim of positioning the city-state as a global leader in source of wealth (SOW) and source of funds (SOF) enforcement.»
