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“Personal accountability the order of the day”, as BSI Singapore fiasco serves as wakeup call for private banking industry

The MAS’ decision to shut down BSI Singapore yesterday sent shockwaves through the industry, forcing private banks to reassess their anti-money laundering (AML) controls, according to compliance and AML experts who have spoken with Asian Private Banker on the matter. “The decisive action [taken by Singaporean regulators] demonstrates that banks without proper AML controls or culture can expect to face…

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