MAS Fines Atrium Asia Investment $1.9M for AML/CFT Compliance Breaches

Singapore Business Review · Oct 29 23:00

It breached the requirements from June 2015 to October 2020.

The Monetary Authority of Singapore (MAS) has imposed a $1.9m composition penalty on Atrium Asia Investment Management (AAIM) for breaching anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.

The central bank also reprimanded AAIM's CEO, Mintarja Oei, for failing to ensure that his company complied with the requirements.

According to the central bank's investigations, AAIM breached the requirements from June 2015 to October 2020.

The company failed to implement adequate procedures to detect and report suspicious transactions, resulting in several large transactions with third parties going unverified.

It also neglected to assess and mitigate money laundering and terrorism financing (ML/TF) risks among customers, including tax-related risks and identifying politically exposed persons (PEPs) or their associates.

AAIM also did not maintain up-to-date records of beneficial owners, compromising compliance with AML/CFT requirements.

MAS, however, said AAIM has already taken remedial actions to address the identified deficiencies.

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MAS Fines Atrium Asia Investment $1.9M for AML/CFT Compliance Breaches

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