HALISTER1: UBS to Act on Those Responsible for Lapses After Singapore Fine

UBS to Act on Those Responsible for Lapses After Singapore Fine

(Bloomberg) -- UBS disappointed it did not do more to detect and report lapses earlier, Singapore spokesperson said in e-mailed statement.
  • Bank is further strengthening controls and appropriate action will be taken against individuals responsible for the lapses
  • NOTE: MAS imposed financial penalties amounting to S$1.3 million on UBS for 13 breaches of anti-money laundering and terrorism financing rules
  • “We take our responsibility to help detect and fight financial crime very seriously and worked closely with the regulators to resolve this matter”
  • UBS: determined not to be used as a platform for financial crime
  • Bank to help establish an industry-wide anti-money laundering program to be run by an independent educational body, to help combat financial crime and reinforce Singapore’s status as a financial center
  • NOTE: Related story Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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