World Economy

Singapore Kicks Out BSI

Singapore Kicks Out BSISingapore Kicks Out BSI

The Monetary Authority of Singapore announced on Tuesday it has ordered the closure of Switzerland’s BSI Bank in Singapore, Channel NewsAsia reported. A notice of intention has been served to the bank to withdraw its status as a merchant bank in Singapore over “serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff,” MAS said. BSI Bank has also been fined S$13.3 million ($9.62 million) for 41 breaches of anti-money laundering regulations. The breaches include a failure to perform enhanced customer due diligence on high-risk accounts, and to monitor suspicious customer transactions on an ongoing basis.