MAS penalises SAFS S$2.5M for serious AML/CFT failures

Swiss-Asia Financial Services has been penalised by the Monetary Authority of Singapore due to serious breaches in anti-money laundering and counter-terrorism financing regulations.The regulatory action comes as MAS identified significant lapses in SAFS’ adherence to AML/CFT requirements between September 2015 and October 2018.

Despite experiencing substantial business growth during this period, SAFS failed to implement adequate controls to mitigate AML/CFT risks. The breaches included:Failure to conduct customer due diligence measures before initiating business relations.Insufficient identification and assessment of customers posing higher money laundering or terrorism financing risks.

Failure to report suspicious transactions despite indications of potential involvement in financial crimes.MAS has reprimanded SAFS’ CEO, Olivier Pascal Mivelaz, and its COO, Steve Knabl, for failing to comply with MAS’ AML/CFT requirements.Mr Mivelaz and Mr Knabl were specifically reprimanded for approving inadequate risk assessments and for failing to conduct regular internal audits to evaluate AML/CFT controls.

In response to MAS’ action, SAFS has initiated remedial measures to address the identified deficiencies and enhance its AML/CFT framework. Ms Loo Siew Yee, assistant managing director at MAS, noted the importance of robust AML/CFT measures for financial institutions, particularly those providing wealth management services.The boards and senior management of FIs are expected to put in place adequate AML/CFT controls, actively oversee the implementation of the controls, and ensure that compliance and internal audit functions are working effectively and keeping pace with the FI’s business growth.

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