The Monetary Authority of Singapore (“MAS”) recently announced that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (“AML”) requirements, poor management oversight, and gross misconduct by certain bank staff. http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-directs-BSI-Bank-to-shut-down-in-Singapore.aspx MAS also imposed financial penalties on the bank and referred members of staff and […]