- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-11-06T17:26:00
The chief executive officer of Singapore’s largest bank acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
Piyush Gupta of DBS discussed the matter during a press briefing Monday aligning with the bank’s release of its third-quarter results. The bank disclosed overall net profit and income increases, even despite the exposure and other recent turmoil it has faced.
In August, 10 foreigners were arrested in Singapore in connection with a SGD$2.8 billion (U.S. $2 billion) money laundering scandal. Financial institutions linked to the individuals have since faced additional scrutiny, including potential investigations by the Monetary Authority of Singapore (MAS).
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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.
2023-11-27T19:38:00Z By Aaron Nicodemus
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.
2023-10-31T14:58:00Z By Kyle Brasseur
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
2025-03-10T20:56:00Z By Adrianne Appel
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.
2025-01-08T17:13:00Z By Jeff Dale
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.
Site powered by Webvision Cloud