There is already a ❝Malaysian Officer 1❞ in 1MDB case.
When more stones got turned in 1MDB case, there WILL BE a ❝Singapore Officer 1❞ later to be revealed.
Role of LEEgime as money laundering Hub can not get any clearer.
To cover up, LEEgime have to send assassin to Putra Jaya to send a silencer bullet into the skull of ❝Malaysian Officer 1❞
http://m.todayonline.com/business/dbs-ubs-stanchart-face-action-serious-lapses-1mdb-linked-dealings
DBS, UBS, StanChart face action for serious lapses in 1MDB-linked dealings
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RUMI HARDASMALANI
[email protected]ISHED: 4:02 AM, JULY 22, 2016
SINGAPORE — The Monetary Authority of Singapore (MAS) said yesterday it found serious lapses in anti-money laundering (AML) processes at DBS and the Singapore operations of Swiss bank UBS and British lender Standard Chartered Bank (SCB) in their dealings linked to Malaysian state investment fund 1Malaysia Development Berhad (1MDB), adding that strong regulatory action will be taken against the financial institutions.
The preliminary findings showed control failings in all three banks, with weaknesses in the processes for accepting clients and monitoring transactions, as well as undue delays in detecting and reporting suspicious transactions, said the regulator.
“The deficiencies observed in DBS, SCB and UBS related to lapses in specific processes and by individual officers. The lapses were serious in their own right and will be met by firm regulatory actions against the banks,” said the MAS after completing inspections into the three banking giants. The regulator, which is now finalising its assessments, did not say what these actions would be.
Yesterday’s announcement came after the MAS said in May it was withdrawing BSI Bank’s licence to operate as a merchant bank in Singapore after investigations linked to 1MDB revealed serious breaches of AML requirements, poor management oversight and gross misconduct by some of BSI’s staff. But unlike the case of BSI, the MAS said its inspections of DBS, SCB and UBS operations did not reveal pervasive control weaknesses or staff misconducts.
Mr Nizam Ismail, head of regulatory practices in Singapore and co-founder of compliance solutions at law firm RHTLaw TaylorWessing, said: “The MAS will now determine fines or reprimands against the banks that were under investigation. The actions against DBS, SCB and UBS are likely to be less severe compared with BSI Bank where there were systemic lapses and gross misconduct.”
Besides the three banking giants, MAS said its on-site inspection of Falcon Private Bank’s Singapore branch in April also found substantial breaches of AML regulations related to 1MDB fund flows, including the failure to adequately assess irregularities in activities in customers’ accounts and to file suspicious transaction reports. The supervisory examination of Falcon PBS is ongoing as the oversight and management of certain key client relationships were done in the bank’s head office in Switzerland. The MAS is examining information obtained from Falcon PBS’ head office in Zurich and has asked for more details.
Remittance agent and licensed money changer Raffles Money Change (RMC) was named by the MAS for the first time after investigations revealed weak management oversight, inadequate risk management practices and internal controls. MAS said RMC failed to identify beneficial owners, verify the authenticity of remittance instructions and assess if the remittance activities were consistent with the profile of the customer. The MAS is finalising action against RMC.
“The supervisory examinations of FIs (financial institutions) with 1MDB-related fund flows have revealed a complex international web of transactions involving multiple entities and individuals operating in several jurisdictions. Certain FIs in Singapore were among those used as conduits for these transactions,” said MAS.
CIMB Private Bank economist Song Seng Wun said: “These are repeated reminders for banks to amplify processes around their AML obligations and that there is no respite for those not falling in line with the rules of the country.”
When more stones got turned in 1MDB case, there WILL BE a ❝Singapore Officer 1❞ later to be revealed.
Role of LEEgime as money laundering Hub can not get any clearer.
To cover up, LEEgime have to send assassin to Putra Jaya to send a silencer bullet into the skull of ❝Malaysian Officer 1❞
http://m.todayonline.com/business/dbs-ubs-stanchart-face-action-serious-lapses-1mdb-linked-dealings
DBS, UBS, StanChart face action for serious lapses in 1MDB-linked dealings
View all 0 comments
BY
RUMI HARDASMALANI
[email protected]ISHED: 4:02 AM, JULY 22, 2016
SINGAPORE — The Monetary Authority of Singapore (MAS) said yesterday it found serious lapses in anti-money laundering (AML) processes at DBS and the Singapore operations of Swiss bank UBS and British lender Standard Chartered Bank (SCB) in their dealings linked to Malaysian state investment fund 1Malaysia Development Berhad (1MDB), adding that strong regulatory action will be taken against the financial institutions.
The preliminary findings showed control failings in all three banks, with weaknesses in the processes for accepting clients and monitoring transactions, as well as undue delays in detecting and reporting suspicious transactions, said the regulator.
“The deficiencies observed in DBS, SCB and UBS related to lapses in specific processes and by individual officers. The lapses were serious in their own right and will be met by firm regulatory actions against the banks,” said the MAS after completing inspections into the three banking giants. The regulator, which is now finalising its assessments, did not say what these actions would be.
Yesterday’s announcement came after the MAS said in May it was withdrawing BSI Bank’s licence to operate as a merchant bank in Singapore after investigations linked to 1MDB revealed serious breaches of AML requirements, poor management oversight and gross misconduct by some of BSI’s staff. But unlike the case of BSI, the MAS said its inspections of DBS, SCB and UBS operations did not reveal pervasive control weaknesses or staff misconducts.
Mr Nizam Ismail, head of regulatory practices in Singapore and co-founder of compliance solutions at law firm RHTLaw TaylorWessing, said: “The MAS will now determine fines or reprimands against the banks that were under investigation. The actions against DBS, SCB and UBS are likely to be less severe compared with BSI Bank where there were systemic lapses and gross misconduct.”
Besides the three banking giants, MAS said its on-site inspection of Falcon Private Bank’s Singapore branch in April also found substantial breaches of AML regulations related to 1MDB fund flows, including the failure to adequately assess irregularities in activities in customers’ accounts and to file suspicious transaction reports. The supervisory examination of Falcon PBS is ongoing as the oversight and management of certain key client relationships were done in the bank’s head office in Switzerland. The MAS is examining information obtained from Falcon PBS’ head office in Zurich and has asked for more details.
Remittance agent and licensed money changer Raffles Money Change (RMC) was named by the MAS for the first time after investigations revealed weak management oversight, inadequate risk management practices and internal controls. MAS said RMC failed to identify beneficial owners, verify the authenticity of remittance instructions and assess if the remittance activities were consistent with the profile of the customer. The MAS is finalising action against RMC.
“The supervisory examinations of FIs (financial institutions) with 1MDB-related fund flows have revealed a complex international web of transactions involving multiple entities and individuals operating in several jurisdictions. Certain FIs in Singapore were among those used as conduits for these transactions,” said MAS.
CIMB Private Bank economist Song Seng Wun said: “These are repeated reminders for banks to amplify processes around their AML obligations and that there is no respite for those not falling in line with the rules of the country.”
