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Singapore Claims Top 5 in CPI But Compliance issues Linger

Singapore continues reign as Asia's Gold Standard in the 2023 Corruption Perception Index by Transparency International, ranking in the top 5 alongside Denmark, Finland, New Zealand, and Norway.

Unflinching Commitment

This achievement is no mere coincidence, countries with strong institutions and well-functioning democracies often find themselves at the top of the Index, and Singapore has long since prioritised robust anti-corruption measures. These measures include stringent legal frameworks, such as the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), the Payment Services Act, and oversight bodies like the Corrupt Practices Investigation Bureau (CPIB).

Additionally, Singapore upholds principles of openness and transparency, ensuring public access to information and a free press as enshrined in its Constitution. Moreover, through proactive initiatives such as public education campaigns and anti-corruption training programs led by the Ministry of Home Affairs (MHA), Singapore fosters a culture of integrity, demonstrating its unwavering commitment to combat corruption at all levels.

Reality Check on Corruption

It's essential to recognise that combating corruption transcends the boundaries of legal frameworks and public awareness alone. Regulatory bodies like the Monetary Authority of Singapore (MAS) play a crucial role in enforcing compliance, wielding significant power through acts like the CDSA and the Payment Services Act. The recent 4th Enforcement Report by the MAS, highlighting penalties exceeding $20 million for violations, serves as a reminder that even in a top-ranked country, vigilance is paramount.

The recent scandals involving the Transport Minister and the $3 billion money laundering investigation serve as stark reminders for Singapore's business community. Corruption poses a significant threat, silently undermining the cost-effectiveness of operations.

Three Identified Issues & How You Can Mitigate Them

It's crucial to recognize that compliance is not merely an expense but a strategic investment for long-term success in Singapore.



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Cynopsis Solutions helps companies digitise and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing.Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC.Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions.We've helped firms across various industries, not limited to Banking and Financial Services, Property Development FinTech, Cryptocurrency, Professional Services and Gaming sectors.

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