By Kyle Brasseur2023-11-06T17:26:00
The chief executive officer of Singapore’s largest bank acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
Piyush Gupta of DBS discussed the matter during a press briefing Monday aligning with the bank’s release of its third-quarter results. The bank disclosed overall net profit and income increases, even despite the exposure and other recent turmoil it has faced.
In August, 10 foreigners were arrested in Singapore in connection with a SGD$2.8 billion (U.S. $2 billion) money laundering scandal. Financial institutions linked to the individuals have since faced additional scrutiny, including potential investigations by the Monetary Authority of Singapore (MAS).
2023-12-29T16:04:00Z By Aaron Nicodemus
The Monetary Authority of Singapore imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.
2023-11-27T19:38:00Z By Aaron Nicodemus
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
2023-10-31T14:58:00Z By Kyle Brasseur
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
2025-09-25T20:36:00Z By Jaclyn Jaeger
New regulations, changing consumer demands, and global supply chain disruptions – from cost-of-goods inflation to tariffs to raw material shortages, and more – are just a few top challenges reshaping the operations of food and beverage industry today. “These challenges are no longer just logistical—they implicate sourcing risk, contract performance, ...
2025-09-17T19:03:00Z By Ruth Prickett
More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
2025-08-06T14:00:00Z By Aaron Nicodemus
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
Site powered by Webvision Cloud