The Monetary Authority of Singapore (MAS) on Tuesday (July 28) revoked the capital markets services licence of Apical Asset Management for breaching the authority’s anti-money laundering and countering financing of terrorism (AML/CFT) requirements.
Apical Asset Management’s chief executive Yeh Yin Yee and its director, Mr Bernard Kan Cheok Yin, were also reprimanded by MAS for failing to discharge their duties and functions of ensuring that the asset manager complied with all laws and regulations governing its operations.
MAS said in a statement that an inspection of Apical Asset Management uncovered “severe deficiencies” in its AML/CFT controls from 2013 to 2018 and that it did not have in place basic AML/CFT policies and procedures, which exposed it to the risk of receiving and laundering the proceeds of crime.
The original full article can be found at straitstimes.com
(Picture: ST FILE)