SINGAPORE: The Monetary Authority of Singapore has imposed a composition penalty of S$1.1 million on Vistra Trust failing to comply with its anti-money laundering and countering the financing of terrorism requirements.Inspections carried out by MAS from April to June 2019 uncovered serious breaches by Vistra Trust of the above requirements, placing it at a higher risk of being used as a conduit for illicit activities, MAS said in a news release on Thursday .
MAS also said that the company failed to perform adequate enhanced customer due diligence for some accounts that had been identified as being of higher risk. “Financial institutions play a critical role in guarding against the risk of illicit financing activities in Singapore. A specific area of risk relates to trust structures being abused by criminals to conceal illicit proceeds," said Ms Loo Siew Yee, assistant managing director for policy, payments and financial crime at MAS.
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