ROBUST, TRUSTED, DYNAMIC AND

PURPOSEFUL FINANCIAL CENTRE

A TRUSTED FINANCIAL CENTRE
CLOSURE OF BSI BANK LIMITED

In June 2016, MAS withdrew its approval for BSI Bank to operate as a merchant bank in Singapore due to serious breaches of AML requirements, extensive control failures, ineffective senior management oversight, and acts of gross misconduct by certain bank staff. The last time MAS shut down a merchant bank was in 1984, 32 years ago. In addition, MAS imposed a financial penalty of S$13.3 million for 41 breaches of AML regulations. MAS also referred six members of the bank's senior management and staff to the Public Prosecutor to evaluate if there were criminal offences committed by these individuals. In taking these actions, MAS reminded financial institutions to take their AML responsibilities seriously, and that MAS is resolved to ensure that Singapore remains a clean and trusted financial centre.