$69 million in suspicious transactions in S’pore intercepted by authorities since 2019
David Sun, 27 April 2021
SINGAPORE – About $69 million transferred through suspicious accounts here has been intercepted by the authorities since 2019.
The figure was revealed in a keynote speech on Tuesday (April 27) by Ms Loo Siew Yee, the assistant managing director for Policy, Payments and Financial Crime at the Monetary Authority of Singapore (MAS).
Speaking at the 12th Annual Anti-Money Laundering and Anti Financial Crime Conference, organised by the Association of Certified Anti-Money Laundering Specialists, Ms Loo said the successful interceptions were a result of collaborative efforts by the Commercial Affairs Department (CAD), MAS, and the key banks here. Continue reading “Article: $69 million in suspicious transactions in S’pore intercepted by authorities since 2019”
Swiss private bank fined $1m for breaching anti-money laundering rules
Nandita Bhardwaj, 16 April 2021
The Singapore-based branch of a Swiss private bank has reportedly been charged $1 million for failing to adhere with measures to counter terrorist financing and money-laundering. The fine was imposed on Bank J. Safra Sarasin for serious breaches between March 2014 & September 2018.
In particular, the bank failed to establish the source of the funds of its customers by appropriate as well as reasonable means.
In most cases, Bank J. Safra Sarasin depended on the representations of customers without any proper validation. The bank also failed to inquire into exceptionally large or irregular patterns of customer transactions that had no apparent economic purpose. Continue reading “Article: Swiss private bank fined $1m for breaching anti-money laundering rules”
BlackRock CEO Larry Fink earns recognition as a climate fraud
Friends of the Earth International, 31 October 2018
NEW YORK– In recognition for his outstanding contribution to climate change, the activist group Friends of the Earth U.S. today presented BlackRock CEO Larry Fink with a “climate fraud” award. BlackRock holds more stock in companies contributing to climate change than any other company in the world. Continue reading “Article: BlackRock CEO Larry Fink earns recognition as a climate fraud”