After an inspection on TMF Trustees Singapore Limited (TTSL) by the Monetary Authority of Singapore (MAS), which revealed that TTSL failed in complying with the MAS’ Anti-Money Laundering and Terrorism Financing requirements, MAS has imposed a penalty of S$400,000 on the Trustees Singapore Limited. It was revealed that the Company entertained many settlors of trust without verifying the source of their money and did not monitor their transactions, which was a higher risk of money laundering and terrorism financing. According to MAS authorities, TTSL has paid the fine in full and has taken drastic actions to deal with the issues of compliance with the MAS’ requirements. As part of the measures, TTSL has decided to stop accepting new trust customers for three months.
March 21, 2020 by Media Team in ML/TF updates