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monetary authority of singapore

Below is a media release from the Monetary Authority of Singapore that says MAS has issued an order requiring Wirecard and associated business units to forthwith cease operations and to return all funds to customers no later than 14th October 2020. The release was issued on Saturday, 30 September. The date of the Order was not published in the release.

42 year old Jens Fred Sturzenegger was manager of the Singapore branch of Falcon Private Bank, closed by the Monetary Authority of Singapore last year. It is alleged that he had direct involvement of the movement of more than USD1,200 million of money related to the 1 Malaysia Development Board (1MDB) accounts connected to Malaysian Prime Minister Najib.

New proposals from the Singapore Government are to require full record keeping of beneficial owners and decision makers of a range of corporate entities. It's also going to raise some serious credibility questions amongst Singapore's law firms, accounting practices and other service providers. There's trouble in store...

Standard Chartered Bank has been ordered to pay SGD5.2m and Coutts (at the relevant time part of Royal Bank of Scotland) to pay SGD2.4 million for breaches of the Monetary Authority of Singapore's counter-money laundering requirements. It's also a slap in the face for Malaysia's Prime Minister Najib because the penalties arise from compliance failures relating to 1MDB, Najib's flagship project. There is also the minor matter of a Goldman Sachs employee and false statements.

For too long, those who have a narrow view of how money laundering related matters should be policed and enforced have made ill-informed criticism of Singapore. Primarily originating from the USA's complaint that Singapore does not prosecute enough money laundering offences, the criticism was amplified by the influx of money relocated from, first, Switzerland and then Dubai. Nigel Morris-Cotterill says that the USA should take notice of how Singapore has dealt with BSI Bank.

Following the closure of BSI Bank Limited for persistent and senior failures in money laundering controls and failures to comply with regulatory failures (http://www.financialcrimerisko...) MAS has named the six bankers it has referred to the Public Prosecutor for investigation as to possible criminal offences. MAS has also served notice of financial penalty on the bank.

The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management supervision of the bank’s operations and gross misconduct by some of the bank’s staff.

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