Three lenders - DBS, OCBC and Citibank Singapore - and insurer Swiss Life Singapore have been fined $3.8 million for breaching anti-money laundering and anti-terrorism financing rules, in
OCBC was fined $600,000 for breaches between June 2015 and January 2016 relating to accounts maintained by one corporate customer.
MAS said that the financial institutions have taken “prompt remedial actions” to address the deficiencies that were identified. These include enhancements to their procedures and processes, and training to improve staff’s vigilance in detecting and escalating risk concerns.
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