Core Viewpoint - The article highlights the inadequate enforcement of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policies among financial institutions in Singapore, leading to significant penalties and regulatory scrutiny [1][8]. Group 1: Penalties and Institutions - A total of 9 financial institutions, including banks and capital market service providers, were fined a combined amount of 27.45 million Singapore dollars for various AML/CFT violations [5]. - The penalties imposed on specific institutions include: - Credit Suisse Singapore Branch (CSSB): 5.8 million SGD - United Overseas Bank (UOB): 5.6 million SGD - UBS Singapore Branch (UBSS): 3 million SGD - Citibank Singapore: 2.6 million SGD - Julius Baer Singapore Branch (BJBS): 2.4 million SGD - LGT Bank Singapore (LGTS): 1 million SGD - UOB Kay Hian Securities (UOBKH): 2.85 million SGD - Blue Ocean Investment (BOIPL): 2.4 million SGD - Trident Trust Company (TTCSPL): 1.8 million SGD [2]. Group 2: Major Violations - Five institutions failed to effectively implement risk rating policies for customer risk assessments [6]. - All nine institutions did not adequately verify the legitimacy of clients' sources of wealth [6]. - Eight institutions exhibited insufficient scrutiny of suspicious transactions [6]. - Two institutions did not promptly take risk mitigation measures following suspicious transaction reports (STRs) [6]. - Four executives from Blue Ocean Investment (BOIPL) faced industry bans of 3 to 6 years for failing to ensure effective execution of AML/CFT policies [6]. Group 3: Regulatory Response - The Monetary Authority of Singapore (MAS) emphasized the need for financial institutions to enhance their AML/CFT measures to align with industry best practices [8]. - MAS warned of severe penalties for serious violations to maintain the integrity of Singapore's financial system [8].