Singapore’s Central Bank Penalize Major Financial Institutions for Anti-Money Laundering Breaches
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has imposed fines totaling S$3.8 million on leading financial institutions Citibank, DBS, and OCBC, as well as insurer Swiss Life, for failing to meet anti-money laundering and countering terrorism financing requirements. The penalties come in the wake of an investigation into the involvement of Singapore-based individuals in the Wirecard fraud case. Wirecard’s collapse exposed a 1.9 billion euro accounting discrepancy and highlighted the need for stronger safeguards within the financial sector. The fines demonstrate MAS’s commitment to upholding regulatory standards and ensuring the integrity of Singapore’s financial system.
India’s Adani tries to calm investors as market rout continues
India’s Adani Group sought to reassure investors on Monday as a rout in its shares continued, saying its business plans were fully-funded, its cashflows strong and it remained confident of delivering attractive returns to shareholders.
-DBS CEO says tough for digital banks to muscle into Singapore
Singapore’s digital banks will find it hard to carve out space in the city-state’s saturated market, said Piyush Gupta, the CEO of DBS Group (DBSM.SI), Southeast Asia’s biggest lender.
Singapore bank DBS suffers two-day tech outage, c.bank mulls supervisory action
Singapore’s central bank said on Wednesday that it will consider taking “supervisory action” on DBS Group Holdings Ltd (DBSM.SI) after the Singapore bank’s online banking services faced disruption for the second consecutive day.
UBS joins peers to track how lending affects environment, jobs
A group of banks, including UBS (UBSG.S) and Singapore’s DBS (DBSM.SI), on Wednesday announced plans to create a new way of measuring the environmental and social impact of their financing.
