MAS: Financial Institutions Must Set Moral Tone

Ravi Menon, Managing Director of the Monetary Authority of Singapore

Ravi Menon, Managing Director of the Monetary Authority of Singapore

Ravi Menon, the head of the Singapore Monetary Authority, said on Tuesday, they would be stepping up misconduct probes.

Singapore will make more robust risk assessments of financial institutions as it steps up investigations against misconduct in the industry, the head of the central bank Ravi Menon said at an event hosted by the «Foreign Correspondents Association».

According to a report from news agency «Bloomberg», Menon stressed that financial institutions must promote constant vigilance and set the right moral tone. The responsibility of ensuring compliance lies with each company's board and senior management, he said.

BSI and 1MDB Scandals

In May this year as reported, the Monetary Authority of Singapore (MAS) withdraw the status as a merchant bank of Ticino based Banca della Svizzera Italiana (BSI) in Singapore, for what the MAS said were serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff. 

In July, Menon also vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city which had been linked to the troubled state investment fund 1Malaysia Development (1MDB), which included DBS, UBS and Falcon Bank.

Looking Into Suspicious Money Flows

As has reported Singapore is the first country to charge a banker for alleged financial misconduct related to the Malaysian investment fund known as 1MDB.

Singapore, along with Switzerland, Luxembourg and the US - are looking into suspicious money flows related to the fund.

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