Singapore regulator fines nine institutions over RM9.95bil money laundering case
In a statement on Friday, MAS announced its regulatory actions against the FIs and a number of individuals for anti-money laundering-related breaches.
Credit Suisse (Singapore branch) and United Overseas Bank (UOB) received the highest penalties, at S$5.8 million and S$5.6 million respectively, followed by UBS AG (Singapore branch) with S$3 million.
Other banks on the list include Citibank N.A. Singapore and Citibank Singapore Ltd, collectively known as Citi (S$2.6 million); Bank Julius Baer & Co. Ltd. (Singapore branch) (S$2.4 million); and LGT Bank (Singapore) Ltd. (S$1 million).
Also on the list are two capital markets licence holders -- UOB Kay Hian Pte. Ltd. (S$2.85 million) and Blue Ocean Invest Pte. Ltd. (S$2.4 million) -- as well as a licensed trust company, Trident Trust Company (Singapore) Pte. Ltd. (S$1.8 million).
MAS said the penalties took into account various factors, including the extent of the FI's exposure to the persons of interest (POIs), the number of breaches of MAS' requirements, and the degree of weakness in the FI's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) controls.
"Overall, MAS observed that while most of the FIs had established AML/CFT policies and controls, the breaches arose out of poor or inconsistent implementation of these policies and controls,' the statement said.
Among other findings, all nine FIs failed to detect or adequately follow up on significant discrepancies or red flags noted in information and documents that should have cast doubt on some customers' purported sources of wealth.
MAS noted that the FIs have embarked on remediation of the deficiencies, and their progress will be monitored closely by the financial regulator.
In addition, MAS has issued prohibition orders (POs) ranging from three to six years in duration, as well as reprimands against individuals who were involved in managing the FIs' relationships with the POIs.
During the period of their POs, the individuals are prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS.
They are also prohibited from taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any FI, and from becoming substantial shareholders of any FI that is a corporation.
MAS deputy managing director (financial supervision) Ho Hern Shin said MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures.
"Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks,' she said adding that it will hesitate to take firm action. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
9 hours ago
- The Star
Singapore regulator fines nine institutions over RM9.95bil money laundering case
SINGAPORE (Bernama): The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to S$27.45 million on nine financial institutions (FIs) in relation to a S$3 billion (RM9.95 billion) money laundering case in 2023. In a statement on Friday, MAS announced its regulatory actions against the FIs and a number of individuals for anti-money laundering-related breaches. Credit Suisse (Singapore branch) and United Overseas Bank (UOB) received the highest penalties, at S$5.8 million and S$5.6 million respectively, followed by UBS AG (Singapore branch) with S$3 million. Other banks on the list include Citibank N.A. Singapore and Citibank Singapore Ltd, collectively known as Citi (S$2.6 million); Bank Julius Baer & Co. Ltd. (Singapore branch) (S$2.4 million); and LGT Bank (Singapore) Ltd. (S$1 million). Also on the list are two capital markets licence holders -- UOB Kay Hian Pte. Ltd. (S$2.85 million) and Blue Ocean Invest Pte. Ltd. (S$2.4 million) -- as well as a licensed trust company, Trident Trust Company (Singapore) Pte. Ltd. (S$1.8 million). MAS said the penalties took into account various factors, including the extent of the FI's exposure to the persons of interest (POIs), the number of breaches of MAS' requirements, and the degree of weakness in the FI's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) controls. "Overall, MAS observed that while most of the FIs had established AML/CFT policies and controls, the breaches arose out of poor or inconsistent implementation of these policies and controls,' the statement said. Among other findings, all nine FIs failed to detect or adequately follow up on significant discrepancies or red flags noted in information and documents that should have cast doubt on some customers' purported sources of wealth. MAS noted that the FIs have embarked on remediation of the deficiencies, and their progress will be monitored closely by the financial regulator. In addition, MAS has issued prohibition orders (POs) ranging from three to six years in duration, as well as reprimands against individuals who were involved in managing the FIs' relationships with the POIs. During the period of their POs, the individuals are prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS. They are also prohibited from taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any FI, and from becoming substantial shareholders of any FI that is a corporation. MAS deputy managing director (financial supervision) Ho Hern Shin said MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. "Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks,' she said adding that it will hesitate to take firm action. - Bernama
The Sun
14 hours ago
- The Sun
Media practitioners gather at KLCC for 58th AMM meetings
KUALA LUMPUR: Local and international media practitioners began gathering at the Kuala Lumpur Convention Centre (KLCC) today in conjunction with the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings, which run from Tuesday until July 11. A check by Bernama found that most members of the media arrived as early as 8 am to collect their accreditation passes and cover the media walkabout on facilities and logistics conducted by representatives from the Foreign Ministry. The media was also taken on a tour of the International Media Centre (IMC), located in Hall 5 of KLCC, which offers a comfortable workspace, high-speed internet access via LAN and Wi-Fi, and hotel-standard catering. Mohammad Fikri Ali, a representative from RT, described the preparations at the IMC by the Malaysian National News Agency (Bernama), in its role as IMC coordinator, as well-organised and systematic. 'Despite registering at the last minute, Bernama made the registration, vetting and security process very easy. Communications and dealings with ministry officials also went smoothly. The walkabout just now was very clear, especially for first-time participants,' he told Bernama. Meanwhile, Lok Sai Mun from Sin Chew Daily said the facilities at the IMC met the needs of media practitioners to perform their duties effectively. 'I feel the preparations and facilities this time are good, with a few new additions. I hope this round of meetings will run more smoothly,' she said. Yesterday, IMC coordinator Zaria Mohd Nasri said nearly 1,000 media personnel from both local and international organisations are expected to converge in the federal capital to cover the meetings. Zaria, who is also head of the Media Secretariat, said Bernama, as the official media and IMC coordinator for the meetings, is committed to ensuring the smooth setup and operations of the media and secretariat workspaces as planned. She added that the secretariat has provided online platforms for media access to event photos and ASEAN news at and A total of 24 meetings at the ASEAN Foreign Ministers' level will be held, including those with ASEAN Dialogue Partners, ASEAN Sectoral Dialogue Partners and the ASEAN Secretariat. Around 1,500 delegates, including foreign ministers from ASEAN member states and Timor-Leste, are expected to attend. Malaysia will also host the Fourth Ministerial Meeting of the Conference on Cooperation among East Asian Countries for Palestinian Development (CEAPAD IV), which will be co-chaired by Japan and focus on reconstruction efforts in Gaza. This marks Malaysia's fifth time as ASEAN Chair after holding the role in 1977, 1997, 2005 and 2015. - Bernama
Barnama
16 hours ago
- Barnama
Media Practitioners Converge At KLCC For 58th AMM
GENERAL Ministry of Foreign Affairs Corporate Communication Unit Head Zul Izwan Hamzah (fourth, right), briefs local and international media representatives during a site visit at the Kuala Lumpur Convention Centre (KLCC) today, offering a close look at the facilities and preparations ahead of the 58th ASEAN Foreign Ministers Meeting (AMM) and Related Meetings, set to take place from July 8 to 11. Local and international media representatives are present to cover a site visit to inspect the facilities and preparations ahead of the 58th ASEAN Foreign Ministers Meeting (AMM) and Related Meetings, scheduled to take place from July 8 to 11 at the Kuala Lumpur Convention Centre (KLCC), today. KUALA LUMPUR, July 5 (Bernama) -- Local and international media practitioners began gathering at the Kuala Lumpur Convention Centre (KLCC) today in conjunction with the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings, which run from Tuesday until July 11. A check by Bernama found that most members of the media arrived as early as 8 am to collect their accreditation passes and cover the media walkabout on facilities and logistics conducted by representatives from the Foreign Ministry. The media was also taken on a tour of the International Media Centre (IMC), located in Hall 5 of KLCC, which offers a comfortable workspace, high-speed internet access via LAN and Wi-Fi, and hotel-standard catering. Mohammad Fikri Ali, a representative from RT, described the preparations at the IMC by the Malaysian National News Agency (Bernama), in its role as IMC coordinator, as well-organised and systematic. 'Despite registering at the last minute, Bernama made the registration, vetting and security process very easy. Communications and dealings with ministry officials also went smoothly. The walkabout just now was very clear, especially for first-time participants,' he told Bernama. Meanwhile, Lok Sai Mun from Sin Chew Daily said the facilities at the IMC met the needs of media practitioners to perform their duties effectively. 'I feel the preparations and facilities this time are good, with a few new additions. I hope this round of meetings will run more smoothly,' she said. Yesterday, IMC coordinator Zaria Mohd Nasri said nearly 1,000 media personnel from both local and international organisations are expected to converge in the federal capital to cover the meetings. Zaria, who is also head of the Media Secretariat, said Bernama, as the official media and IMC coordinator for the meetings, is committed to ensuring the smooth setup and operations of the media and secretariat workspaces as planned.
