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Family-owned trust Asiaciti fined $1.1 mil by MAS for breaching anti-money laundering requirements

The Edge Singapore
The Edge Singapore7/22/2020 01:20 PM GMT+08  • 3 min read
Family-owned trust Asiaciti fined $1.1 mil by MAS for breaching anti-money laundering requirements
The Monetary Authority of Singapore (MAS) has fined Asiaciti Trust Singapore Pte Ltd (ATSPL) $1.1 million for its failure to implement adequate checks against money laundering.
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SINGAPORE (Jul 22): The Monetary Authority of Singapore (MAS) has fined Asiaciti Trust Singapore Pte Ltd (ATSPL) $1.1 million for its failure to implement adequate checks against money laundering.

Between 2007 and 2018, Asiaciti Trust Singapore committed “serious breaches” of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements for trust companies, said MAS in a press release.

“ATSPL did not implement adequate AML/CFT policies and procedures, and did not subject its AML/CFT controls to independent audits. These failings hindered ATSPL’s ability to detect and mitigate [money laundering and terrorism financing] risks associated with its higher-risk customers,” said MAS in a Wednesday statement.

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