BSI Bank ordered to shut down by MAS

SINGAPORE (May 24): The Monetary Authority of Singapore (MAS) on Tuesday announced it is withdrawing BSI Bank’s status as a merchant bank in Singapore.

MAS said its decision to shut down BSI Bank in Singapore takes into account “serious breach of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”.

MAS also served BSI Bank notice to impose financial penalties amounting to $13.3 million for 41 breaches of MAS Notice 1014 - Prevention of Money Laundering and Countering the Financing of Terrorism.

---

Related Stories

• Suntec REIT biggest beneficiary from MAS’s ‘looser’ leverage, ICR rules: OCBC
• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March

---