S$1 million penalty for Singapore branch of Swiss bank over non-compliance with anti-money laundering requirements

SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$1 million on Bank J Safra Sarasin Ltd, Singapore Branch (BJS) for failing to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.  Between March 2014 and …