Singapore's central bank on Wednesday said it had imposed fines collectively worth S$3.8 million ($2.83 million) on lenders Citibank, DBS and OCBC and insurer Swiss Life , for breaching requirements on anti-money laundering and countering terrorism financing.
The Monetary Authority of Singapore said it discovered inadequate controls in place when looking into the alleged involvement of Singapore-based individuals in a fraud case centred on collapsed payments firm Wirecard.
"Although the breaches were serious, MAS did not find wilful misconduct by any staff of these FIs ," MAS said in a statement, adding that the institutions took "prompt remedial actions." OCBC said one of its customers had been implicated in the Wirecard case and it took such issues very seriously. Citibank has since "taken steps to strengthen our 'know your customer' process," a spokesperson said.
DBS said its lapses related to a network of customers ultimately traceable to Wirecard and it was now in a better position to respond faster and more robustly.
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