Singapore banks fined for inadequate money laundering, terrorism financing rules

Singapore banks fined for inadequate money laundering, terrorism financing rules

DBS bank building at night in the central business district of Singapore. Photographer: Nicky Loh/Bloomberg

Singapore’s central bank on Wednesday said it has imposed fines collectively worth S$3.8 million ($2.83 million) on lenders Citibank, DBS and OCBC and insurer Swiss Life, for breaching its requirements on anti-money laundering and countering terrorism financing.