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Asiaciti Trust fined S$1.1m for poor money-laundering controls

It failed to look into background, purpose of unusually large transactions with no obvious economic purpose: MAS

This is the second-largest penalty MAS has imposed on a licensed trust company to date.


THE Monetary Authority of Singapore (MAS) has slapped a S$1.1 million fine on international trust Asiaciti Trust for poor controls against money laundering and terrorism financing - including its failure to monitor unusually large transactions by "politically exposed" customers...

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