BREAKING: Singapore Central Bank fines DBS, Citibank, OCBC, Swiss Life for inadequate AML/CFT protections

In this picture, we can see individuals accessing DBS ATMs in Singapore on March 31st, 2022. The snapshot was taken by Caroline Chia and has been saved as a file photo.

On Wednesday, the primary financial institution in Singapore declared that it has punished Citibank, DBS, and OCBC - the lenders - as well as the insurer Swiss Life, with fines totaling to $2.83 million. The reason for these fines is that they did not comply with Singapore's mandates aimed to prevent money laundering and terrorism financing.

DBS, OCBC, Citibank, and Swiss Life were each given fines by the central bank due to their failure in implementing sufficient measures to prevent money laundering and financing of terrorism. The penalties amounted to S$2.6 million for DBS, S$600,000 for OCBC, S$400,000 for Citibank, and S$200,000 for Swiss Life. These sanctions demonstrate the seriousness of the central bank's commitment to combat illicit activities within the financial system.

When you subscribe to AML Intelligence, you will get boundless entry to our website which is constantly updated with the most recent analysis, opinion, and news related to the sector. You will also receive our newsletter twice in a week and be able to access our database containing global bank fines and penalties. Additionally, you will get a free pass to our Boardroom Series and other exciting offers.