MAS to discontinue issuance of $1,000 note

Existing notes in circulation will remain legal and can still be used for payments.

The Monetary Authority of Singapore (MAS) plans to discontinue the issuance of the $1,000 note beginning 1 January 2021.

In a press release, MAS said that this is a pre-emptive measure to mitigate the higher money laundering and terrorism financing (ML/TF) risks associated with large denomination notes.

Until December 2020, only a limited quantity of $1,000 notes will be made available each month.

Existing $1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment. Banks can also continue to recirculate existing $1,000 notes that are deposited with them.

MAS assured that they will make available sufficient quantities of other denominations, in particular the $100 note which is the next highest denomination after the $1,000 note, to meet demand.

The move is aligned with international norms and major jurisdictions have already stopped issuing large denomination notes, the regulator added.

Along with this announcement, MAS encouraged everyone to use electronic payments such as PayNow and FAST.