MAS fines trust firm for money laundering breaches

Asiaciti Trust committed money laundering breaches between 2007 and 2018.

The Monetary Authority of Singapore (MAS) has imposed a $1.1m composition penalty on trust firm Asiaciti Trust for failure to comply with anti-money laundering requirements, according to an announcement.

MAS found out that between 2007 and 2018, Asiaciti Trust committed serious breaches of AML/CFT regulations for trust companies. It failed to implement adequate AML/CFT policies and procedures, and did not subject its AML/CFT controls to independent audits.

These hindered the trust’s ability to detect and mitigate money laundering risks associated with its higher-risk customers.

The penalty amount took into consideration Asiaciti Trust’s response to the findings. The firm has taken remedial measures to address the deficiencies, including conducting a review of customer accounts and transactions, terminating a number of higher-risk trust accounts and filing suspicious transaction reports.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!