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LATEST: DFSA hits Bank of Singapore with AED 4M (€1.1M) fine for ‘inadequate’ AML controls

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NEWS: ‘Australia had a hole in its AML standards for a long time’ – head of AUSTRAC

By Elizabeth Hearst for AMLi

Dubai’s Financial Services Authority (DFSA) has hit the Dubai branch of the Bank of Singapore with an AED 4,113,200 (€1.126M) fine for “inadequate” anti-money laundering systems and controls.

In a statement, the DFSA said they had identified deficiencies in the bank’s AML business risk assessments, customer risk assessments, customer due diligence (CDD) and enhanced CDD, identification of customer source of wealth and source of funds and suspicious activity reporting.

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NEWS: UK uses sanctions against citizen involved with ‘New IRA’ terror group

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NEWS: Norway wealth fund’s watchdog to probe shoemakers, crypto firms over ethics in 2025

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NEWS: ‘Australia had a hole in its AML standards for a long time’ – head of AUSTRAC

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