The building exterior of the Monetary Authority of Singapore at Shenton Way. SINGAPORE: The Monetary Authority of Singapore has fined Swiss-Asia Financial Services S$2.5 million for multiple breaches of requirements to safeguard against money laundering and terrorism financing.
However, the company's control measures across a wide range of areas did not keep pace with its growth, exposing it to the risk of financial crime.These included the failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its enterprise-wide risk assessment.
The financial institution also failed to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with its knowledge of the customers. The company did not obtain approval from its senior management to establish or continue business relations with some of these higher-risk customers.
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