Having been an integral part of Singapore’s financial economy ever since independence, money changers have grown large in numbers throughout the decades. Today, there are more than 300 money changers all over the island meeting the travel and business demand of local and overseas customers.
With the growing money changing licensees and the stringent regulations surrounding money laundering and terrorist financing, the Money Changers Association (Singapore) was established in 2003 to unite and to be a single voice for the industry in Singapore.
Currently reaching 200 members, the objectives of the Association are to:
- Be a representative body for all members in Singapore and to protect the interests of the industry.
- Lead the industry in all matters in liaison with the Monetary Authority of Singapore.
- Provide essential business and compliance services to members.
- Be a central point in the dissemination and the sharing of relevant regulations and business information for all members.
- Provide guidance in all business and compliance matters to members.
- Facilitate AML-CFT and other relevant workshops and seminars for members.
- Share industry’s best practices to enhance their business and compliance operations.
- Be a platform to educate and to protect the rights of money changing consumers.
- Promote Singapore’s reputation as a global financial centre.