The Monetary Authority of Singapore (MAS) sanctioned BSI Bank Limited (BSI Bank) and gave notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by the bank’s staff. MAS also referred to the Public Prosecutor the names of six members of BSI Bank’s senior management and staff to examine whether any criminal offences had been committed.
BSI Bank sanctioned by Monetary Authority of Singapore
08 June 2016
