Singapore to stop issuing $10,000 Notes

Singapore will not be printing $10,000 from October 1. This is to reduce the risks of money laundering, the Monetary Authority of Singapore (MAS) announced on Wednesday (July 2)

The development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions, said Director Ong Chong (MAS Deputy Managing) at the ABS Financial Crime Seminar on Wednesday.

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,

- Ong Chong Tee

Mr Ong also said 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 and providing a risk-based approach for “politically exposed persons”.