BSI has reassured that it will continue to operate as normal despite the withdrawal of its license by Singapore 's regulator , the Monetary Authority of Singapore , since the company is in a " very comfortable position " in terms of liquidity . The license is being suspended over allegations of money laundering allegations , and financial penalties have been imposed totaling $ 500 million for 41 breaches , including failure to conduct due diligence on high risk accounts and monitor suspicious customer transactions .
BSI has reassured that it will continue to operate as normal despite the withdrawal of its license by Singapore's regulator, the Monetary Authority of Singapore, since the unit is in a "very comfortable position" in terms of liquidity. The license is being withdrawn over allegations of money laundering rules, and financial penalties have been imposed totaling $9.6m for 41 breaches, including failure to conduct due diligence on high risk accounts and monitor suspicious customer transactions.