United Overseas Bank (UOB) says that it accepts the Monetary Authority of Singapore (MAS)’s decision to impose a penalty of $5.6 million on the bank for its anti-money laundering related breaches.
The financial regulator announced today that it has imposed composition penalties amounting to $27.45 million to nine financial institutions (FIs) for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.
The penalties come after the MAS completed its supervisory examinations against “pertinent” FIs with connections to persons of interest in Singapore’s record $3 billion money-laundering case in August 2023.
The examinations also looked at the FI’s employees who fell short of MAS’s AML/CFT requirements. UOB says that two of its employees at the material time have been reprimanded.
“The bank is resolute in upholding the highest professional and ethical standards as outlined in our Code of Conduct. We have conducted a thorough assessment of the facts and circumstances surrounding the issues and staff involved, and taken appropriate actions to address accountability and discipline. We take our responsibility seriously in combating financial crimes and will continue to work closely with our regulator and law enforcement agencies to do our part,” the bank said.
Meanwhile, Citibank Singapore, one of the nine FIs subject to the penalty, said that it is committed to ensuring the highest standard of governance and controls to detect and prevent money laundering. Citibank Singapore's penalty from the MAS is $2.6 million. "We have further strengthened our client onboarding and monitoring processes and continue to work closely with the authorities to protect the integrity of the financial system and enhance financial crime risk and controls measures," the bank said in a statement to media on July 4.
See also: MAS imposes composition penalties totalling $27.45 mil to nine FIs for AML/CFT breaches
Shares in UOB closed 8 cents higher or 0.222% up at $36.12 on July 4.
