Raffles Money Change (RMC), a money changer censured by the Monetary Authority of Singapore (MAS) for alleged links to the flow of funds related to the 1MDB scandal, has come out to defend itself.

The company said yesterday that it "is focused on carrying out its business on the basis of high standards of honesty and integrity, corporate governance and transparency, as well as compliance with all necessary laws and regulations to ensure long-term sustainability".

RMC operates money-changing and remittance services at its two branches, at Jurong Point Shopping Centre and The Arcade in Collyer Quay. Its headquarters at Clifford Centre undertakes remittances in major currencies across the Asia-Pacific, Europe and North America.

The MAS said on Thursday that RMC exercised weak management oversight, inadequate risk management practices and internal controls. The regulator also reprimanded a number of other financial institutions in relation to control lapses in relation to the 1MDB scandal.

In remitting US$12.8 million (S$17.3 million), RMC was also found to have failed to identify beneficial owners and to verify the authenticity of remittance instructions. RMC had also neglected its responsibility to assess if a remittance activity was consistent with the profile of the customer.

In a media statement issued yesterday, the management of RMC stated that it "has always cooperated with the MAS, assisting fully in providing any information requested for".

RMC said: "Over the years, whenever it comes across any suspicious transactions, the RMC would report them to the relevant authorities.

"The management of RMC believes in having in place strong internal controls and risk management policies, and is constantly working to improve its compliance procedures."

RMC added that it will continue to work closely with the MAS to address any issues as required. Meanwhile, the MAS is finalising regulatory actions against RMC.