MAS Fines Ten Banks $21 Million for Breaching Anti-Money Laundering Rules
- A number of financial entities were found guilty of involvement in Malaysia’s state fund scandal.
Singapore’s central bank has announced having fined both Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million). The banks were found guilty of breaches of anti-money laundering rules in transactions that were connected to the Malaysian state fund 1MDB scandal.
The London Summit 2017 is coming, get involved!
The Monetary Authority of Singapore (MAS) fined Credit Suisse S$700,000 ($504,347) and UOB S$900,000 ($648,437) following the conclusion of a two year long investigation which revealed several control lapses and the aforementioned anti-money laundering related breaches. The MAS has fined eight additional banks for similar transgressions, collecting from them a total of S$29.1 million ($21 million).
Along with the fines, Singapore also shut down the local branches of BSI Bank and Flacon Bank for weaknesses in money laundering control and inappropriate conduct by the senior management. Additionally, millions of dollars were frozen in their bank accounts, and private bankers were charged.
The announcement stated that though it had not detected any prevalent control weaknesses, it did find that the banks were lax "...in conducting due diligence on customers and inadequate scrutiny of customers' transactions and activities.”
Malaysia’s Prime Minister Najib Razak’s 1MDB state fund, of which he was the chairman of the advisory board, was the subject of six money laundering investigations that included Switzerland, the United States of America, and Singapore itself. The former chairman denied his involvement in any wrongdoing.
Credit Suisse responded by saying: "Credit Suisse takes a very serious view of our Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term in the prevention of money laundering and is firmly committed to upholding the high standards of the Singapore financial center.”
UOB stated its acceptance of the findings given by the MAS investigation: "We have instituted measures to address the areas of concern, including enhancing our training programme to raise risk and control awareness among our staff.”
Recently, Finance Magnates covered the MAS having signed an agreement with two French regulators the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). The contract is said to enhance the two countries' relations with an emphasis on Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and fintech related symbiosis.
Singapore’s central bank has announced having fined both Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million). The banks were found guilty of breaches of anti-money laundering rules in transactions that were connected to the Malaysian state fund 1MDB scandal.
The London Summit 2017 is coming, get involved!
The Monetary Authority of Singapore (MAS) fined Credit Suisse S$700,000 ($504,347) and UOB S$900,000 ($648,437) following the conclusion of a two year long investigation which revealed several control lapses and the aforementioned anti-money laundering related breaches. The MAS has fined eight additional banks for similar transgressions, collecting from them a total of S$29.1 million ($21 million).
Along with the fines, Singapore also shut down the local branches of BSI Bank and Flacon Bank for weaknesses in money laundering control and inappropriate conduct by the senior management. Additionally, millions of dollars were frozen in their bank accounts, and private bankers were charged.
The announcement stated that though it had not detected any prevalent control weaknesses, it did find that the banks were lax "...in conducting due diligence on customers and inadequate scrutiny of customers' transactions and activities.”
Malaysia’s Prime Minister Najib Razak’s 1MDB state fund, of which he was the chairman of the advisory board, was the subject of six money laundering investigations that included Switzerland, the United States of America, and Singapore itself. The former chairman denied his involvement in any wrongdoing.
Credit Suisse responded by saying: "Credit Suisse takes a very serious view of our Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term in the prevention of money laundering and is firmly committed to upholding the high standards of the Singapore financial center.”
UOB stated its acceptance of the findings given by the MAS investigation: "We have instituted measures to address the areas of concern, including enhancing our training programme to raise risk and control awareness among our staff.”
Recently, Finance Magnates covered the MAS having signed an agreement with two French regulators the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). The contract is said to enhance the two countries' relations with an emphasis on Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and fintech related symbiosis.