The Monetary Authority of Singapore (MAS) imposed a combined fine of 2.5 million SGD on Swiss Asia Financial Services Pte Ltd for violations of anti-money laundering and counter-terrorism financing regulations and issued warnings to its CEO and COO.
During the MAS inspection, violations included:
- Failure to submit suspicious transaction reports for several clients despite having sufficient reasons to do so.
- Failure to review multiple third-party transactions in client accounts, which were inconsistent with Swiss Asia Financial Services’ understanding of the clients.