- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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).
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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.
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.
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.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
