Dubai FSA hits Bank of Singapore with $1.12m fine over raft of failings

Mark Battersby
clock • 1 min read

The Dubai Financial Services Authority (DFSA) has imposed a fine of $1.12m on the DIFC branch of Bank of Singapore for a number of contraventions including having inadequate systems and controls including those relating to anti-money laundering (AML). The amount of the fine was reduced because the bank offered the DFSA an enforceable undertaking (EU) to remediate the failings and agreed to settle the matter, reducing the fine amount from $2m. The DFSA found deficiencies in the Bank's: · AML business risk assessments; · assessment of the risks posed by its clients; · Customer due di...

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