March 19, 2020 BY Steffy Bogdanova
MAS imposes a $400,000 penalty on TMF Trustees Singapore Limited for AML/CFT Failures
MAS’ investigation found that between June 2011 and April 2018 TTSL had failed to follow MAS’s requirements on AML/CFT regulation. Firstly, TTSL failed to verify source of wealth trust settlers who posed a higher risk of money laundering and terrorism financing. The company also failed to regularly monitor or scrutinize the transactions of trust relevant…
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