Singapore said DPT service providers, also known as virtual assets service providers, stand out as a high-risk category within the financial sector.
Singapore’s updated Money Laundering (ML) National Risk Assessment (NRA) has highlighted significant risks in the Anti-Money Laundering (AML) landscape, particularly in the financial sector, with digital payment token (DPT) service providers posing increased vulnerabilities.
The extensive 126-page report identifies new risk sectors not included in the last report, released in 2014. These include virtual asset (DPT) service providers and precious stone and metal dealers.
The banking sector, including wealth management, is identified as posing the highest ML risks. Banks are more susceptible to criminal exploitation due to their role in facilitating large volumes of transactions and servicing high-risk customers.
