MAS fines trust firm for money laundering breaches

Uploaded By:  Alyssa Divina Submitted By:  Staff Reporter Case Study:  No Asiaciti Trust committed money laundering breaches between 2007 and 2018. The Monetary Authority of Singapore (MAS) has imposed a $1.1m composition penalty on trust firm Asiaciti Trust for failure to comply with anti-money laundering requirements, according to an announcement. MAS found out that between 2007 and 2018, Asiaciti Trust committed serious breaches of AML/CFT regulations for trust companies. It failed to implement adequate AML/CFT policies and procedures, and did not subject its AML/CFT controls to independent audits. read more