the Monetary Authority of Singapore has reassured that it will continue to operate as normal despite the withdrawal of its license by Singapore's regulator, BSI, 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 The license is being withdrawn over allegations of money laundering rules, and financial penalties have been imposed totaling $9.6m for 41 breaches, including failure to conduct due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.
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 The license is being withdrawn over allegations of money laundering rules, and financial penalties have been imposed totaling $9.6m for 41 breaches, including failure to conduct due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.