Singapore’s banking industry, including wealth management, poses the biggest risk of money laundering in the city-state, according to a money laundering risk assessment analysis released by the government.

The home affairs, central bank, and finance ministries highlighted the vulnerability of banks due to the volume of transactions they handle and their interaction with clients from high-risk jurisdictions.

The latest national risk assessment report, released since 2014, identifies organized crime, corruption, tax offenses, trade-based money laundering, and fraud as main threats to money laundering.

The government has intensified monitoring of wealth inflows and affluent individuals since the money laundering case surfaced last year.