- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-10-20T16:28:00
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
The Monetary Authority of Singapore will carry out the inspection to determine if the bank properly monitored its wealthy clients, one of whom was charged with money laundering, according to a report from Bloomberg News. Other financial institutions linked to the August arrests of 10 foreigners in Singapore accused of laundering billions in illicit proceeds will also be subject to inspections, Bloomberg reported.
The accused hail from countries including China, Cambodia, Cyprus, and Vanuatu. One of the suspects, Vang Shuiming, held SGD$92 million (U.S. $67 million) at Credit Suisse, the biggest known account so far in the case, Bloomberg reported.
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2023-12-29T16:04:00Z By Aaron Nicodemus
The Monetary Authority of Singapore imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.
2023-12-14T14:19:00Z By Kyle Brasseur
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
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Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
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The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
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Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
2024-12-30T14:57:00Z By Aaron Nicodemus
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
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