In addition to the fine, UOBKH must appoint an independent external party to validate the implementation and effectiveness of its remediation measures.
Brokerage UOB Kay Hian (UOBKH) has announced that it has taken remedial measures to enhance its internal policies and controls concerning its failures to comply with business conduct and anti-money laundering/countering the financing of terrorism (AML/CFT) requirements.
This comes after the Monetary Authority of Singapore (MAS) announced that the brokerage was slapped with a $375,000 fine on Aug 31, following an inspection by MAS.
