Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case
MAS imposed a S$1 million composition penalty on LGT Bank (Singapore) Ltd., one of nine FIs penalised after examinations from early 2023 to early 2025. MAS named it among FIs that failed to follow up on source of wealth discrepancies and to adequately review transactions flagged by their own systems; it was not named for customer risk assessment or post-STR failures.
Eight FIs (BJBS, Citi, CSSB, LGTS, UOB, UOBKH, TTCSPL, UBSS) failed to adequately review
MAS said the institutions have embarked on remediation and it will monitor progress.