05-11-2021, 06:32 AM
Aqil Haziq Mahmud
03 Nov 2021 03:34PM
(Updated: 03 Nov 2021 03:45PM)
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"Based on MAS' assessment and information available thus far, the Pandora Papers have not raised significant concerns over the anti-money laundering and countering terrorism financing (AML/CFT) controls of our financial institutions," Mr Wong said.
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Besides Asiacity Trust, Trident Trust Company Singapore was also mentioned in the Pandora Papers.
Both are foreign-incorporated trust companies with subsidiaries in Singapore. They are licensed and regulated by MAS, Mr Wong said.
Before the leak, the two companies had already been subject to supervisory and enforcement action in Singapore.
Asiacity Trust Singapore paid a S$1.1 million composition penalty in July last year for failing to implement AML/CFT policies and procedures. Trident Trust Company was in September last year directed to address weaknesses detected in its risk assessment controls.
https://www.channelnewsasia.com/singapor...ng-2288316
03 Nov 2021 03:34PM
(Updated: 03 Nov 2021 03:45PM)
......
"Based on MAS' assessment and information available thus far, the Pandora Papers have not raised significant concerns over the anti-money laundering and countering terrorism financing (AML/CFT) controls of our financial institutions," Mr Wong said.
......
Besides Asiacity Trust, Trident Trust Company Singapore was also mentioned in the Pandora Papers.
Both are foreign-incorporated trust companies with subsidiaries in Singapore. They are licensed and regulated by MAS, Mr Wong said.
Before the leak, the two companies had already been subject to supervisory and enforcement action in Singapore.
Asiacity Trust Singapore paid a S$1.1 million composition penalty in July last year for failing to implement AML/CFT policies and procedures. Trident Trust Company was in September last year directed to address weaknesses detected in its risk assessment controls.
https://www.channelnewsasia.com/singapor...ng-2288316