For policy violations: Swiss Life fined in Singapore

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In addition to Swiss Life, the Singapore divisions of Citibank, DBS Bank and Bank OCBC were also fined.

Singapore’s financial regulator, the Monetary Authority (MAS), has fined four financial institutions a total of S$3.8 million, according to a statement Wednesday. This is due to a violation of the anti-money laundering and terrorist financing guidelines.

All institutions would accept the penalties, MAS continued. According to the official, the violations are linked to the Wirecard scandal. During investigations into irregularities surrounding Wirecard business transactions, MAS found that Singapore-based individuals and companies were also involved. The German payment processor went bankrupt in 2020 after a billion-dollar accounting fraud.

Authorities currently accuse penalized institutions of insufficient control over Wirecard transactions. Although these are serious violations, no deliberate abuse has been detected among the employees of the relevant institutes, the authority continues. Prompt measures were taken to correct the identified deficiencies.

According to the information received, Swiss Life is dealing with violations that occurred in May 2017 in connection with the conclusion of an investment-linked life insurance policy. According to MAS, its economic background and complex structure have not been adequately clarified.

As Swiss Life wrote at AWP’s request, the Singapore branch contacted the authorities in 2019 regarding the insurance contract in question and the relevant customer relationship was terminated in 2020. Since then, the branch has implemented additional measures, in close cooperation with the authorities, to more effectively detect customer abuse.

(SDA)

Source :Blick