Asiaciti Trust says poor anti-money laundering controls resolved

Kelly Ng

Published Fri, Jul 24, 2020 · 03:06 AM

INTERNATIONAL trust Asiaciti Trust, which was penalised by the authorities over poor anti-money laundering controls, said the failures identified have been fully addressed.

Since 2018, the new management team at its Singapore office has also enhanced internal compliance and governance systems to fully meet the requirements, the organisation said in a media statement on Thursday.

It also invited clients and business partners who have further questions to contact their Asiaciti Trust representative.

The Monetary Authority of Singapore (MAS) has slapped a S$1.1 million fine on Asiaciti Trust for inadequate safeguards against money laundering and terrorism financing - including its failure to monitor unusually large transactions by "politically exposed" customers. Lawyers The Business Times spoke to had considered this a hefty fine.

In a statement on Wednesday, the MAS said Asiaciti Trust committed various "serious breaches" spanning over a decade, including failing to monitor higher-risk customers more stringently.