Tricor Axcelasia - Strengthening Compliance Measures in the Financial Industry: Lessons from Recent MAS Penalties

September 11, 2023

In the dynamic landscape of the financial industry, regulatory compliance is of paramount importance to 
maintain trust, stability, and integrity. Recently, the Monetary Authority of Singapore (MAS) imposed composition penalties on several financial institutions (FIs) for breaching Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements.

In total, MAS imposed composition penalties amounting to SGD 3.8 million on Citibank N.A., Singapore Branch (Citibank), DBS Bank Ltd (DBS), OCBC Singapore (OCBC), and Swiss Life (Singapore) Pte. Ltd (Swiss Life). These penalties reminded all FIs to implement robust measures to combat illicit fund flows and adhere to regulatory frameworks established by MAS.

While the penalties primarily targeted banks and insurers, the lessons derived from these breaches are applicable to all financial institutions, including fund management companies (FMCs).

Download our leaflet today to learn about the key takeaways from the recent MAS penalties, and how Tricor Axcelasia could help your business navigate through the ongoing regulatory changes.


Tricor Axcelasia provides ongoing compliance support and regulatory updates to support companies in their strategic directions. Our team of compliance experts assist FMCs in developing robust policies, manuals and checklists (incl. AML) to safeguard the companies against breaches of prevailing laws, regulations and standards.

In accordance with MAS' expectations, Tricor Axcelasia also provides internal audit services to assists FMCs in independently assessing the adequacy and effectiveness of internal controls (covering AML and other areas) and provide recommendations for improvements.


For more information, please contact our Tricor Singapore team:

Ong Su Faye
Director, Tricor Axcelasia
(65) 6325 5739

Topics: Singapore, Risk and Compliance (GRC), Tricor Axcelasia, Governance, Risk and Compliance (GRC), Monetary Authority of Singapore, Financial Industry

Download "Tricor Axcelasia - Strengthening Compliance Measures in the Financial Industry: Lessons from Recent MAS Penalties"

legal brochure
Tricor Group
About the Author

Tricor Group

More Articles