Fine for inadequate AML systems and controls and for arranging insurance business without authorisation; enforceable undertaking
The DFSA fined Bank of Singapore Limited, acting through its DIFC branch, USD 1,120,000 for inadequate systems and controls, including anti-money laundering controls, and for arranging deals in long-term insurance contracts without the required authorisation. The fine was reduced from USD 2,000,000 because the bank offered an enforceable undertaking to remediate, overseen by an external compliance expert.
The amount of the fine was reduced because the Bank offered the DFSA an Enforceable Undertaking