MAS penalises Swiss-Asia Financial for serious AML failures

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MAS penalises Swiss-Asia Financial for serious AML failures
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pstrongspan style="font-size:11pt; font-variant:normal; white-space:pre-wrap"span style="font-family:Arial,sans-serif"span style="color:#000000"span style="font-weight:700"span style="font-style:normal"span style="text-decoration:none"The imposed composition penalty is worth $2.5m.

The Monetary Authority of Singapore has taken action against Swiss-Asia Financial Services for breaches of anti-money laundering and countering the financing of terrorism requirements. Additionally, SAFS' CEO, Olivier Pascal Mivelaz, and its COO, Steve Knabl, were reprimanded for failing to ensure compliance with MAS' AML/CFT requirements.

Failure to submit suspicious transaction reports despite knowledge of potential financial crime involvement.Mivelaz and Knabl were reprimanded for their failure to ensure compliance with AML/CFT requirements. Loo Siew Yee, assistant managing director at MAS, emphasised that financial institutions providing wealth management services must take measures to mitigate ML/TF risks.

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