Latest news with #Tsao
AsiaOne
04-07-2025
- Business
- AsiaOne
MAS issues $27.45m in penalties to 9 financial institutions over $3b money laundering case
The Monetary Authority of Singapore (MAS) issued composition penalties amounting to $27.45 million to nine financial institutions (FIs) for anti-money laundering breaches connected to the $3 billion money laundering case from 2023. MAS identified the nine FIs through supervisory examinations conducted between early 2023 and early 2025, according to a statement released on Friday (July 4). The nine FIs being penalised — including banks like Credit Suisse Singapore Branch, United Overseas Bank Limited (UOB) and UBS AG, Singapore branch — were found to have breaches in connection with anti-money laundering and countering the financing of terrorism (AML/CFT) to persons of interest (POIs) in the major money laundering case. According to MAS, the penalties took into account various factors including the extent of the FI's exposure to the POIs, the number of breaches of MAS' requirements, among others. Credit Suisse was fined $5.8 million, the highest of the nine FIs. Through its investigations, MAS generally did not find a pervasive lack of AML/CFT controls, but found that breaches arose out of "poor or inconsistent implementation". Out of the nine FIs involved, five failed to perform adequate customer risk assessments, which subsequently led to a mis-rating of money laundering risks and their ability to implement appropriate controls. MAS also found that eight FIs failed to take appropriate measures despite having suspicious transactions being flagged by their systems. In such cases, there was insufficient vigilance regarding transactions that were unusually large or inconsistent with customers' profiles. Establishing and corroborating the source of wealth of customers who posed higher risks of money laundering was also observed in all FIs being penalised. Regulatory action against individuals Apart from the nine FIs, MAS also issued prohibition orders ranging from three to six years against individuals who were involved in the managing the financial institutions' relationships with the POIs. The four individuals identified were from Blue Ocean Invest (BOIPL), one of the nine FIs being penalised, including CEO and executive director Tsao Chung-yi. Tsao will serve a six-year prohibition order from Aug 1, along with Wong Xuan Ling, COO of BOIPL, who will serve a five-year prohibition order. Both Tsao and Wong "failed as senior managers to ensure that the AML/CFT policies and controls in BOIPL kept pace with significant growth in its business in the three years since the company was set up", said MAS. Hsia Lun Wei, an executive director and relationship manager, and Deng Xixi, a former relationship manager, both from BOIPL, were also issued three-year prohibition orders with effect from June 30. For the duration of their prohibition orders, they will be barred from carrying out any business regulated by MAS, and will also be prohibited from taking part, directly or indirectly, in the management of a financial institution. MAS also issued public reprimands to five individuals, and private reprimands to nine individuals, for their failure to ensure due diligence and implement AML/CFT policies sufficiently. According to MAS, a reprimand is "issued to an individual based on their misconduct at the material time". FIs should adopt best practices: MAS Following the major money laundering case, MAS published supervisory expectations in October last year regarding the controls that FIs should implement. The banking industry also published best practice papers on implementing such controls, which "FIs should benchmark themselves against", so that they can "execute robust, reasonable and risk-proportionate defences" against money laundering. "MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by FIs and their employees, MAS will not hesitate to take firm action," said Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS. Speaking to AsiaOne, a UOB spokesperson said that the bank acknowledges and accepts MAS' findings, and is "fully committed to ensuring compliance with regulatory requirements and to upholding the integrity of the Singapore financial system". "Over the past two years, we have implemented prompt remedial actions to address the deficiencies identified after a comprehensive internal review, including stepping up on our transaction monitoring and customer due diligence processes," said the spokesperson. UOB has also made significant investments in technology to enhance internal risk management standards, while boosting employee training so that they can "the highest professional and ethical standards". Singapore's largest money laundering case Simultaneous raids across Singapore on Aug 13, 2023, involving over 400 police officers, resulted in the arrest of 10 foreign nationals for their links to organised crime, including scams and online gambling. The 10 convicted, who were all Chinese nationals with citizenship in countries like Turkey and Cambodia, were Su Haijin, Su Baolin, Vang Shuiming, Wang Dehai, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Zhang Ruijin and his lover Lin Baoying. They have all been jailed, deported and barred from re-entering Singapore. In total, over $3 billion worth of assets were seized, including properties, vehicles and country club memberships. [[nid:719707]]
AsiaOne
04-07-2025
- Business
- AsiaOne
MAS issues $27.45m in penalties to 9 financial institutions over $3b money laundering case, Singapore News
The Monetary Authority of Singapore (MAS) issued composition penalties amounting to $27.45 million to nine financial institutions (FIs) for anti-money laundering breaches connected to the $3 billion money laundering case from 2023. MAS identified the nine FIs through supervisory examinations conducted between early 2023 and early 2025, according to a statement released on Friday (July 4). The nine FIs being penalised — including banks like Credit Suisse Singapore Branch, United Overseas Bank Limited (UOB) and UBS AG, Singapore branch — were found to have breaches in connection with anti-money laundering and countering the financing of terrorism (AML/CFT) to persons of interest (POIs) in the major money laundering case. According to MAS, the penalties took into account various factors including the extent of the FI's exposure to the POIs, the number of breaches of MAS' requirements, among others. Credit Suisse was fined $5.8 million, the highest of the nine FIs. Through its investigations, MAS generally did not find a pervasive lack of AML/CFT controls, but found that breaches arose out of "poor or inconsistent implementation". Out of the nine FIs involved, five failed to perform adequate customer risk assessments, which subsequently led to a mis-rating of money laundering risks and their ability to implement appropriate controls. MAS also found that eight FIs failed to take appropriate measures despite having suspicious transactions being flagged by their systems. In such cases, there was insufficient vigilance regarding transactions that were unusually large or inconsistent with customers' profiles. Establishing and corroborating the source of wealth of customers who posed higher risks of money laundering was also observed in all FIs being penalised. Regulatory action against individuals Apart from the nine FIs, MAS also issued prohibition orders ranging from three to six years against individuals who were involved in the managing the financial institutions' relationships with the POIs. The four individuals identified were from Blue Ocean Invest (BOIPL), one of the nine FIs being penalised, including CEO and executive director Tsao Chung-yi. Tsao will serve a six-year prohibition order from Aug 1, along with Wong Xuan Ling, CEO of BOIPL, who will serve a five-year prohibition order. Both Tsao and Wong "failed as senior managers to ensure that the AML/CFT policies and controls in BOIPL kept pace with significant growth in its business in the three years since the company was set up", said MAS. Hsia Lun Wei, an executive director and relationship manager, and Deng Xixi, a former relationship manager, both from BOIPL, were also issued three-year prohibition orders with effect from June 30. For the duration of their prohibition orders, they will be barred from carrying out any business regulated by MAS, and will also be prohibited from taking part, directly or indirectly, in the management of a financial institution. MAS also issued public reprimands to five individuals, and private reprimands to nine individuals, for their failure to ensure due diligence and implement AML/CFT policies sufficiently. According to MAS, a reprimand is "issued to an individual based on their misconduct at the material time". FIs should adopt best practices: MAS Following the major money laundering case, MAS published supervisory expectations in October last year regarding the controls that FIs should implement. The banking industry also published best practice papers on implementing such controls, which "FIs should benchmark themselves against", so that they can "execute robust, reasonable and risk-proportionate defences" against money laundering. "MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by FIs and their employees, MAS will not hesitate to take firm action," said Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS. Speaking to AsiaOne, a UOB spokesperson said that the bank acknowledges and accepts MAS' findings, and is "fully committed to ensuring compliance with regulatory requirements and to upholding the integrity of the Singapore financial system". "Over the past two years, we have implemented prompt remedial actions to address the deficiencies identified after a comprehensive internal review, including stepping up on our transaction monitoring and customer due diligence processes," said the spokesperson. UOB has also made significant investments in technology to enhance internal risk management standards, while boosting employee training so that they can "the highest professional and ethical standards". Singapore's largest money laundering case Simultaneous raids across Singapore on Aug 13, 2023, involving over 400 police officers, resulted in the arrest of 10 foreign nationals for their links to organised crime, including scams and online gambling. The 10 convicted, who were all Chinese nationals with citizenship in countries like Turkey and Cambodia, were Su Haijin, Su Baolin, Vang Shuiming, Wang Dehai, Su Jianfeng, Chen Qingyuan, Su Wenqiang, Wang Baosen, Zhang Ruijin and his lover Lin Baoying. They have all been jailed, deported and barred from re-entering Singapore. In total, over $3 billion worth of assets were seized, including properties, vehicles and country club memberships. [[nid:719707]]
The Herald Scotland
23-06-2025
- Entertainment
- The Herald Scotland
Shetland's first Japanese cafe relocates to Glasgow
It's no doubt warmer still working behind the coffee machine, yet Tsao is all smiles as he prepares a couple of iced coffees for takeaway customers in Shawlands. They've unfortunately sold out of the Ongiri croissants, which have been causing a stir on Instagram in the run-up to opening, I'll hear him repeat a few times throughout my visit, but not to worry, there's still plenty of cream-filled matcha cake to go around. On top of that, there's a pastel-toned menu on each of the tables, listing fluffy pancake dishes for breakfast, sandos and salad prepared in the kitchen by Hasegawa. I'd imagine there's not much room to spare in the prep area of this small unit on Minard Road, once occupied by Silk Road Deli, but they're coping well with a steady stream of orders. Struggling in the heat, I decide to investigate the Kagigori shaved ice desserts, which come in a choice of three different flavours with toppings like red bean and matcha, or fresh strawberry and crushed Oreos. Only available to sit in, these cartoonish, colourful creations are heaps of fun and sure to appeal to any young visitors. My choice is inspired by Mount Fuji, with a blue raspberry base that's topped with homemade ice cream to emulate a snowy peak and a scattering of dainty mini mochi balls to finish the whole thing off. Heed my advice and get stuck in fast, as the delicate ice quickly melts into a pool of slush. Still enjoyable, just an awful lot harder to scoop. Not wanting to take up a seat for too long on opening week, I ask for my sando to go, leaving a little time to browse a small but brilliant selection of branded Showa merch like t-shirts, tote bags and coffee beans as I wait. The team clearly have an eye for design, echoed in the shop interior that's been kitted out with retro figurines and bold, graphic prints. "It's a place we've made with care, and we hope you'll feel it the moment you step inside," they previously said after announcing plans to move Showa from Shetland to Glasgow late last year, and they've very much succeeded in this. Pictured: A takeaway sando from Showa Coffee House in Shawlands (Image: Newsquest) Resisting the urge to splurge, for now, I walk back out into the sunshine with a takeaway box containing the 'Onsen Egg Hamu Sando'. Thin slices of doughy white bread hold together layers of cheese, ham and a soy-marinated soft-boiled egg sliced through the middle so that its gooey, yellow centre oozes slowly when pressed. With lashings of kewpie mayo and a little crunch from thinly shredded lettuce, it's a solid lunch offering. I've got my eye on the chicken katsu version for future visits, though the 'beef and egg wee group pancakes' with square sausage, cheese omelette, a touch of golden syrup and a spoonful of beans is hard to ignore. I can safely say that's the first time I've seen this combination of breakfast items on a menu, and it begs to be investigated. Read more: In Shawlands, where a high concentration of independent coffee shops and cafes can make it difficult to stand out from the crowd, the wonderfully quirky Showa is a welcome addition to the neighbourhood. Showa Coffee House is located at 34 Minard Road. Find them on social media @showacoffeehouse.
Yahoo
12-06-2025
- Entertainment
- Yahoo
Singaporean jailed six months in Taiwan for stalking Golden Melody Award winner Olivia Tsao Ya-wen
TAIPEI, June 12 — A Singaporean woman has been sentenced to six months in jail in Taiwan for stalking and harassing Golden Melody Award-winning singer Olivia Tsao Ya-wen, after her obsession with the star escalated into threats and public confrontation. According to The Straits Times, Cassandra Low, a woman in her 30s, was found guilty by the New Taipei District Court of endangering the personal safety of Tsao, and of offences including stalking, harassment and public insult. The court's verdict, published on June 5, followed months of troubling behaviour that forced the singer and her agent to leave their homes. Low, described in court documents as a long-time fan of Tsao, began contacting the singer via personal emails and messages on Facebook and Instagram from November 2023. However, her behaviour took a dark turn after she was blocked on social media by Tsao. According to the judgment, Low reacted by posting threats and abuse directed at the singer, her family, and her agent. In one Facebook post, she wrote: 'I can be very aggressive. The more stubborn she is... don't blame me for whatever I do to her parents.' In another, she said: 'Blocking me, see how I slowly let her agent die.' The online threats eventually drove both Tsao and her agent to leave their residences in New Taipei City out of fear for their safety. The situation intensified in February when Low followed Tsao to Banqiao high-speed rail station after learning the singer was travelling. She grabbed Tsao's luggage and phone in an attempt to pressure her into restoring contact. In a video recorded by Tsao, Low is seen physically blocking her and demanding a reconciliation until police intervened. The court sentenced Low to six months in prison. She may choose to pay a commuted fine of NT$1,000 (S$43) per day of her sentence, but the court noted that her high salary as a Singaporean — reportedly more than twice that of a typical Taiwanese worker — meant a financial penalty alone would not reflect the severity of her actions. Low will be deported once she serves her sentence or pays the full fine. Tsao, 38, responded to the verdict in a June 11 post on social media, saying: 'This is the most comforting piece of news I have received recently,' and thanked her supporters and legal team for their help. Better known by her Chinese name Tsao Ya-wen, the singer performs primarily in Taiwanese Hokkien and won the Best Female Taiwanese Singer award at the Golden Melody Awards in 2021. She has previously spoken about feeling 'helpless and uncomfortable' when fans crossed personal boundaries, though she did not identify individuals at the time.
AsiaOne
12-06-2025
- AsiaOne
Singaporean woman given 6 months' jail in Taiwan for stalking singer, threatening her online
A Singaporean woman who took her fanaticism too far was sentenced to a six-month jail term by a Taipei court after she stalked and publicly harassed local singer Olivia Tsao, a multiple winner of Taiwan's Golden Melody Awards. Cassandra Low, who is in her 30s, was identified in a court judgment published by the New Taipei District Court on June 5. She was found guilty of endangering the personal safety of Ms Tsao, stalking and harassing her, and also publicly insulting the singer. According to the judgment, Low had been an admirer of Ms Tsao, and they had exchanged personal e-mails and messages over Facebook and Instagram since November 2023. But after Ms Tsao blocked Low on the social media platforms, Low became displeased and posted verbal threats and insults targeting the Taiwanese singer, her family and her agent. In one post on her Facebook account, Low wrote: 'I can be very aggressive. The more stubborn she is... don't blame me for whatever I do to her parents.' In another, she wrote: 'Blocking me, see how I slowly let her agent die.' Low's repeated threats caused Ms Tsao and her agent to leave their homes in New Taipei City. Her extreme behaviour came to a head in February, when she followed Ms Tsao to the Banqiao high-speed rail station after learning her idol was planning to take the train. Low successively held on to Ms Tsao's luggage and her phone in a bid to force the singer to unblock her on social media before she was taken away by local police to assist with investigations. In a video recorded by Ms Tsao during the February incident, Low can be seen blocking the singer's path until she agreed to a reconciliation. For her crimes, Low was sentenced to six months in prison, or a commuted fine of NT$1,000 (S$43) for each day of her jail term. The court had heard that Low is a Singaporean and earned a salary that was more than double that of someone working in Taiwan, meaning that a fine alone may not provide the intended corrective impact or reflect the severity of her crimes. Low will be deported from Taiwan after serving her sentence or paying her fine. On June 11, Ms Tsao expressed relief at the judgment. 'This is the most comforting piece of news I have received recently,' she wrote on Instagram and Facebook, thanking those around her and her lawyer for their companionship and help. Ms Tsao, 38, who sings mainly in Taiwanese Hokkien and is better known as Tsao Ya-wen, last won the Best Female Taiwanese Singer award at the prestigious Golden Melody Awards in 2021. She had previously spoken about feeling helpless and uncomfortable when fans harassed her and her family, without identifying anyone specifically. This article was first published in The Straits Times. Permission required for reproduction.
