Reported 23 days ago
The Monetary Authority of Singapore (MAS) has levied a total of S$27.45 million in penalties against nine financial institutions for violations related to anti-money laundering (AML) regulations, identified during supervisory examinations from early 2023 to early 2025. Included in these penalties are significant fines for institutions like Credit Suisse and United Overseas Bank. The breaches were attributed to inadequate implementation of AML policies, with concerns such as insufficient customer risk assessments and ineffective monitoring of suspicious transactions. MAS aims to enhance compliance measures within the financial sector while closely monitoring the institutions' remediation efforts.
Source: YAHOO