Monetary Authority of Singapore fines Swiss-Asia Financial Services S$2.5m for AML/CTF breaches, CEO and COO reprimanded for non-compliance.
Monetary Authority of Singapore fines Swiss-Asia Financial Services S$2.5m for multiple breaches of anti-money laundering and countering terrorism financing requirements. Failures included inadequate customer due diligence, unscrutinized third-party transactions, and high-risk customer identification. The CEO and COO were reprimanded for not ensuring compliance. SAFS has since taken remedial actions.
May 07, 2024
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