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MAS fines J. Safra Sarasin SGD 1 million for AML breaches

The Monetary Authority of Singapore (MAS) has fined the Singapore Branch of Bank J. Safra Sarasin (BJS) SGD 1 million following “serious breaches” of Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) requirements. The breaches occurred between March 2014 and September 2018, MAS announced on Wednesday. MAS said the breaches resulted from “material lapses” in BJS’s AML/CFT control processes during customer on-boarding…

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