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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

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Kelly Ng

Kelly Ng

Published Wed, Jul 22, 2020 · 09:50 PM

    Singapore

    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.

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

    Monetary Authority of SingaporeMoney launderingTerrorism financing

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