The Monetary Authority of Singapore (MAS) announced this week that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (AML) requirements, poor management oversight, and gross misconduct by certain bank staff. MAS also imposed financial penalties on the bank and referred members of staff and senior management to be assessed for possible criminal prosecution.
Termed by MAS to be the “worst case of control lapses and gross misconduct” seen in Singapore, this is the first time in over thirty years that MAS has taken such stringent action against a bank to withdraw its license. The case serves as a strong reminder to financial institutions that MAS is a vigorous regulator that will not hesitate to take strong action in respect of regulated financial institutions that are found to have breached regulations or fallen short of expectations. To read more from our team in Singapore and Hong Kong, click here.
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