About Us

Helping Members

The Remittance Association (Singapore) was initiated by a small group of 12 founding members who had contributed immensely to the formation of the Association along with the valuable support from the Monetary Authority of Singapore.

The Association was registered in April 2014 with an aim to promote best practice across the industry, raise the standard of AML/CFT compliance and act as a collective voice for all members. Today the Association has grown and is expanding its memberships as we see the introduction of the new Payments Services Act.

Mission of the RA(S)

  • Promote standardised Know Your Customer and Customer Due Diligence (“KYC & CDD”) processes across the industry through continuous education

  • Promote a sound business process through established and transparent payment channels

  • Raise the profile of the money transfer industry as a proactive group dedicated to support Anti- Money Laundering (“AML”) and Counter Financing of Terrorism (“CFT”) processes and combat other Financial Crimes

  • Leverage resources to create the opportunity for a more cost-efficient management of compliance programs for all members

Values of the RA(S)

  • Trust: Create an association where commercial competitors can share AML & CFT knowledge or challenges in confidence

  • Integrity: Keep the association on the path of AML & CFT and ensure that the association does not deviate from the objective of promoting a sound remittance industry

  • Consistency: Work with all members regardless of size to ensure the appropriate level of support

  • Respect: Ensure all members are heard and can access the appropriate level of resources regardless of their existing situation