Singapore: MAS fines Asiaciti Trust $1.1m over money laundering breaches

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)

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top