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.
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