The Financial Authority of Singapore (MAS) has introduced regulatory actions in opposition to 9 monetary establishments (FIs) and a number of other people for breaches associated to anti-money laundering (AML) laws.
This resolution follows the completion of supervisory examinations linked to a cash laundering case that emerged in August 2023.
In whole, MAS has imposed composition penalties amounting to S$27.45m ($21.4m) on the 9 FIs for violations of AML and countering the financing of terrorism (CFT) necessities.
The penalties had been decided based mostly on elements such because the establishments’ publicity to individuals of curiosity (POIs), the variety of breaches recognized, and the weaknesses of their AML/CFT controls.
The penalties for every establishment embody S$5.8m for Credit score Suisse Singapore department, S$5.6m for United Abroad Financial institution and S$3m for UBS, Singapore Department, amongst others.
MAS has additionally imposed penalties on monetary establishments for regulatory breaches, together with Citibank N.A Singapore and Citibank Singapore with S$2.6m, Financial institution Julius Baer Singapore department with S$2.4m, and LGT Financial institution (Singapore) with S$1m.
It additionally imposed penalties on UOB Kay Hian with S$2.85m, Blue Ocean Make investments with S$2.4m, and Trident Belief Firm (Singapore) with S$1.8m.
The breaches had been uncovered throughout MAS’s supervisory examinations carried out from early 2023 to early 2025.
Whereas most FIs had established AML/CFT insurance policies, the breaches stemmed from insufficient implementation of those measures. The establishments have initiated remediation efforts, and MAS will monitor their progress carefully.
MAS recognized a number of areas of concern, together with deficiencies in buyer danger assessments, the place 5 FIs didn’t implement satisfactory insurance policies for assessing cash laundering dangers.
Moreover, all 9 FIs didn’t adequately examine discrepancies within the supply of wealth for high-risk prospects.
Eight FIs had been discovered missing of their transaction monitoring processes, failing to evaluation suspicious transactions successfully.
Moreover, two FIs didn’t take well timed danger mitigation measures following the submitting of suspicious transaction reviews.
The penalties imposed on Credit score Suisse Singapore department additionally contemplate breaches occurring from November 2017 to October 2023, associated to accounts maintained on behalf of sure US prospects.
MAS Monetary Supervision deputy managing director Ho Hern Shin stated: “Like different main worldwide monetary centres, Singapore is uncovered to cash laundering dangers. The vigilance of our monetary establishments and their staff is crucial in mitigating such dangers.
