SINGAPORE: The Monetary Authority of Singapore has imposed a composition penalty of S$400,000 on TMF Trustees Singapore Limited for failing to comply with MAS' Anti-Money Laundering and Countering the Financing of Terrorism requirements.
"Instead, TTSL had relied on the settlors’ representations regarding their source of wealth or bank reference letters, which only confirmed the banking relationship between the banks and the settlors, without obtaining information to adequately corroborate those claims," the authority added.
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