MAS imposes composition penalty of S$2.5m on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT breaches

The breaches included failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its EWRA, failure to perform CDD measures before establishing business relations, failure to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with SAFS’ knowledge of the customers…