“ATSPL did not implement adequate AML/CFT policies and procedures, and did not subject its AML/CFT controls to independent audits. These failings hindered ATSPL’s ability to detect and mitigate [money laundering and terrorism financing] risks associated with its higher-risk customers,” said MAS in a Wednesday statement.
SINGAPORE (Jul 22): The Monetary Authority of Singapore (MAS) has fined Asiaciti Trust Singapore Pte Ltd (ATSPL) $1.1 million for its failure to implement adequate checks against money laundering.
Between 2007 and 2018, Asiaciti Trust Singapore committed “serious breaches” of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements for trust companies, said MAS in a press release.
