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Bank J. Safra Sarasin fined $748,000 in Singapore for AML compliance failures

( April 15, 2021, 05:22 GMT | Official Statement) -- MLex Summary: The Singapore unit of Bank J. Safra Sarasin has been fined S$1 million ($748,000) for anti-money laundering compliance failures. The Monetary Authority of Singapore, which issued the penalty, said BJS "committed serious breaches" of the regulators anti-money laundering requirements, such as failing to check who the beneficial owners of high-risk customers are and properly screen suspiciously large or unusual patterns of financial transactions. The full statement from the Monetary Authority of Singapore follows: ...

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