The penalties come after the MAS completed its supervisory examinations against “pertinent” FIs with connections to persons of interest in Singapore’s record $3 billion money-laundering case in August 2023.
United Overseas Bank (UOB) says that it accepts the Monetary Authority of Singapore (MAS)’s decision to impose a penalty of $5.6 million on the bank for its anti-money laundering related breaches.
The financial regulator announced today that it has imposed composition penalties amounting to $27.45 million to nine financial institutions (FIs) for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.
