The Monetary Authority of Singapore (MAS) announced on Tuesday (3 Nov) that it plans to discontinue the issuance of the S$1,000 note from 1 January 2021. From now until December 2020, a limited quantity of S$1,000 notes will be made available each month.
This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing (ML/TF) risks associated with large denomination notes. The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes.
Existing S$1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment. Banks can continue to recirculate existing S$1,000 notes that are deposited with them. MAS will make available sufficient quantities of other denominations, in particular the S$100 note which is the next highest denomination after the S$1,000 note, to meet demand.
MAS encourages everyone to use electronic payments such as PayNow and FAST. To find out more, click here and here.
