Singapore BSI Bank ordered to shut down

By ·

BSI Bank

Singapore’s central bank, Monetary Authority of Singapore (MAS) has ordered BSI Bank Limited to shut down in Singapore in light of serious beaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.

BSI Bank is currently embroiled in the probe into Malaysia state fund 1Malaysia Development Bhd (1MDB) and it is no surprise that such a drastic action was handed down despite that this is the first time in over 30 years that a merchant bank in Singapore has been ordered to shut down.

Read more about it here.

Related Post

 Singapore’s ACIP Releases Guidance on Legal Persons and Trade-Based Money Laundering ACIP has released 2 guidance papers on approaches towards the misuse of legal persons and trade-based money laundering (TBML) during a dialogue held on 14 May.The ACIP is Singapore’s public-private collaboration to exchange views and information on anti-money laundering/countering the financing of terrorism (AML/CFT) and finding ways to mitigat...
 Credit Suisse Raided for Tax Evasion Probe in 5 Countries Switzerland's second-largest bank, Credit Suisse, has been raided on Thursday after a tip-off to Dutch prosecutors. The coordinated raids happened in, Netherlands, Britain, Germany, France and Australia. Dutch Anti-Fraud Agency, the FIOD, are "investigating dozens of people who are suspected of tax fraud and money laundering". Regulators and prose...
 BCBS: AML/CFT Risks and opportunities on Fintech The Basel Committee on Banking Supervision (BCBS) released a consultation paper on the implications of fintech for the financial sector last Thursday on August 31st named, Sound Practices: Implications of fintech developments for banks and bank supervisors. The paper observed various scenarios such as distributed ledger technology and innovative pa...

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Be the first to know
We hate spam as much as you do