According to MAS, it found that AAIM’s internal policy and procedures “at the material time” were “inadequate”. As such, the investment management firm suffered multiple breaches of the central bank’s AML/CFT requirements from June 2015 to October 2020, putting the firm at risk of being misused for financial crime.
The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $1.9 million on Atrium Asia Investment Management (AAIM) for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.
The MAS also issued a reprimand to the investment manager’s CEO, Mintarja Oei, for failing to ensure the company’s compliance with the requirements.
