2023-06-21 12:37:00
The subsidiary of the Zurich life insurer Swiss Life (Singapore), SLSG, was fined 200,000 Singapore dollars (almost 133,600 francs) by the Monetary Authority of Singapore (MAS), alongside three banks.
The four establishments were condemned for having violated the requirements of the fight once morest money laundering and the financing of terrorism.
All financial institutions have accepted the sanctions, the total amount of which reaches S$3.8 million, according to the institution’s statement released on Wednesday. The other institutions concerned are the Singapore branch of Citibank, DBS Bank and OCBC Singapore.
The representation of Swiss Life in the city-state is accused of offenses committed in May 2017 concerning investments linked to a life insurance policy taken out by SLSG. In particular, the latter did not “sufficiently understand the reasons for the ownership structure of the high-risk client” and did “not adequately corroborate the source of wealth of the beneficial owner of the client”.
/ATS
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