HALISTER1: DBS to Hold Staff Accountable for Anti-Money Laundering Lapses

DBS to Hold Staff Accountable for Anti-Money Laundering Lapses

(Bloomberg) -- DBS takes anti-money laundering obligations seriously and accepts regulator’s decision, bank spokesman says in statement Tuesday.
  • NOTE: DBS fined S$1m for 10 breaches by Monetary Authority of Singapore; other banks penalized include Falcon Bank, which in addition to a fine, was also asked to cease operations in Singapore
  • MAS findings indicate DBS’s control weaknesses aren’t pervasive: statement
  • Should have taken more rigorous action with respect to questionable activity, “even if it was intentionally designed to conceal another purpose,” DBS says
  • MAS actions are for lapses that occurred in 2013 and 2014, bank has made “many enhancements” since then: DBS
  • Firm will be taking “appropriate actions” to hold responsible staff accountable, including senior executives
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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DBS SP (DBS Group Holdings Ltd)
MASP SP (Monetary Authority of Singapore)

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