SINGAPORE: The Monetary Authority of Singapore (MAS) has fined banks DBS, OCBC, Citibank and insurer Swiss Life a total of S$3.8 million (US$2.83 million) for breaching its requirements on anti-money laundering and countering terrorism financing. The breaches were identified when MAS examined the financial
SINGAPORE: The Monetary Authority of Singapore has fined banks DBS, OCBC, Citibank and insurer Swiss Life a total of S$3.8 million for breaching its requirements on anti-money laundering and countering terrorism financing.
The Wirecard scandal broke three years ago after its auditor could not verify €1.9 billion supposedly held abroad in escrow by third-party partners and subsequently refused to sign off on 2019 accounts.DBS FINED S$2.6 MILLION The bank also did not"adequately establish the source of wealth" of higher risk customers and their beneficial owners, relying instead on customers’ representations of their wealth without adequate corroboration.
"While we detected and acted upon some of these activities through transaction monitoring and customer due diligence – and ultimately exited all relevant entities – we were unable to unravel the scheme in its entirety."Four more people in Singapore charged over Wirecard case, taking total tally to sevenMAS fined OCBC S$600,000 for breaches between June 2015 and January 2016, relating to accounts maintained by one corporate customer.
"We take such matters seriously. Over the past few years, we have devoted significant resources to a strategic uplift of our anti-money laundering and combating the financing of terrorism standards and capabilities," the spokesperson said.Citibank was fined S$400,000 for breaches between September 2019 and June 2020 relating to accounts maintained by two corporate customers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DBS, OCBC, Citibank and Swiss Life fined a total of $3.8m for breaches linked to Wirecard saga: MASThree 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
Read more »
Probation for teen who receives over $85k in bank account from scams targeting OCBC customersThe teen also recruited his friends to commit similar offences. Read more at straitstimes.com.
Read more »
Lionel Messi to make Inter Miami debut next monthMIAMI - Lionel Messi is set to play his first game for Inter Miami on July 21 when the Major League Soccer side host Mexico’s Cruz Azul in their Leagues Cup opener, managing owner Jorge Mas told the Miami Herald newspaper on Tuesday. Messi and Miami have agreed terms on a...
Read more »
Messi to make Inter Miami debut next monthLionel Messi is set to play his first game for Inter Miami on July 21 when the Major League Soccer side host Mexico's Cruz Azul in their Leagues Cup opener, managing owner Jorge Mas told the Miami Herald newspaper on Tuesday.Messi and Miami have agreed terms on a deal and are finalising paperwork and visa
Read more »
DBS, OCBC, Citibank and Swiss Life fined a total of $3.8m for breaches linked to Wirecard saga: MASThree 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
Read more »
Duo jailed for helping finance vice-president embezzle funds in first Wirecard convictionThe alleged mastermind, vice-president of controlling and international finance at Wirecard Asia Edo Kurniawan, escaped Singapore and a red Interpol notice was issued against him.
Read more »