SINGAPORE — The Monetary Authority of Singapore (MAS) 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 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' S$2.6 million penalty was for breaches between July 2015 and February 2020, relating to accounts maintained by 11 corporate customers.
In addition, MAS found that DBS failed to adequately inquire into the background and purpose of unusually large transactions that were not consistent with its knowledge of the customers or had"no apparent economic purpose". The bank failed to look into the background and purpose of the transactions even though they were not consistent with its knowledge of the customer and their business. The transactions were also"unusually large and exhibited an unusual pattern that had no apparent economic purpose".
MAS said that Citibank failed to adequately understand the control structure of the customers and failed to correctly identify the customers' beneficial owners.
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.
MAS fines DBS, OCBC, Citibank, Swiss Life S$3.8 million for breaches linked to Wirecard caseSINGAPORE: 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
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 »
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 »
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 »
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 »