The Monetary Authority of Singapore (MAS) 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 a statement on Wednesday (July 22), MAS said Asiaciti Trust (ATSPL) committed various “serious breaches” spanning over a decade, including failing to monitor higher-risk customers more stringently.
In particular, the company failed to look into the background of “unusually large transactions with no obvious economic purpose”, undertaken by “politically exposed persons”.
The original full article can be found at straitstimes.com
(Picture: ST FILE)