The company has since “taken the necessary remedial actions” to address its deficiencies.
SINGAPORE - Wealth and fund management company Swiss-Asia Financial Services was issued a composition penalty of $2.5 million for breaching the Monetary Authority of Singapore’s anti-money laundering and countering the financing of terrorism requirements.
MAS added that the controls had been “inadequate, resulting in multiple breaches” of its AML/CFT requirements over the same period which, in turn, “exposed SAFS to the risk of financial crime”. The company was also found to have failed to scrutinise multiple third-party transactions in its customers’ accounts, though such transactions were noted by MAS to be “not consistent with SAFS’ knowledge of the customers”.
SAFS did not adequately establish the sources of wealth or funds from certain higher-risk customers, added MAS, nor did the company get approval from its senior management to establish or continue business relations with them.
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