SINGAPORE - The Monetary Authority of Singapore has slapped a $1.1 million penalty on international trust Asiaciti Trust for inadequate safeguards against money laundering and terrorism financing - including its failure to monitor unusually large transactions by"politically exposed" customers.
In particular, the company failed to look into the background and purpose of"unusually large transactions with no obvious economic purpose", undertaken by"politically exposed persons". "Despite these unusual circumstances, ATSPL did not consider if there were grounds for suspicion that would warrant the filing of suspicious transaction reports," MAS said.
MAS cited a case where this lack caused the company to fail in properly establishing the source of wealth for an effective controller - referring to the person who owns or controls the settlor or trustee.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MAS fines Asiaciti Trust S$1.1m over money laundering breachesTHE Monetary Authority of Singapore (MAS) has slapped a S$1.1 million penalty on international trust Asiaciti Trust for inadequate safeguards against money laundering and terrorism financing – including its failure to monitor unusually large transactions by “politically exposed” customers. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
MAS seeks more teeth to regulate financial services amid emerging cyber risksTHE Monetary Authority of Singapore (MAS) is proposing new laws that will give it more teeth to regulate financial services in the Republic amid emerging risks, such as those brought on by the wider provision of digital services. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
MAS proposes new powers to regulate financial services amid emerging cyber risksTHE Monetary Authority of Singapore (MAS) is proposing new laws that will give it more teeth to regulate financial services in the Republic amid emerging risks, such as those brought on by the wider provision of digital services. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
MAS proposes new powers to deal with risks in financial sectorSINGAPORE - More muscle to prevent unsuitable individuals from working in the finance industry and strengthen the framework for technology risk management are among the new proposals made by the Monetary Authority of Singapore (MAS) to deal with risks that can undermine the financial sector.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
MAS fines Asiaciti Trust S$1.1m over money laundering breachesTHE Monetary Authority of Singapore (MAS) has slapped a S$1.1 million penalty on international trust Asiaciti Trust for inadequate safeguards against money laundering and terrorism financing – including its failure to monitor unusually large transactions by “politically exposed” customers. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Insect tech startup Protenga snags US$1.6m from Roslin Technologies, SEEDS CapitalSINGAPORE-BASED insect technology startup Protenga has raised US$1.6 million in seed funding from UK agritech firm Roslin Technologies, and the investment arm of Enterprise Singapore (ESG), SEEDS Capital. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »