A Report by CYS Global Remit Lege & Compliance Office
The Monetary Authority of Singapore (MAS) has levied a S$1.9 million fine on Atrium Asia Investment Management (AAIM) for significant breaches in anti-money laundering (AML) and counter-terrorism financing (CFT) controls. These violations, which occurred between 2015 and 2020, highlight AAIM’s failure to implement effective measures to prevent financial crime.
Key Compliance Failures
Inadequate Transaction Monitoring: AAIM did not have sufficient measures in place to detect and report suspicious or unusually large transactions involving third-party clients.
Deficient Risk Assessment: The firm lacked proper protocols for assessing money laundering or terrorism financing risks in customer relationships, including inadequate identification of politically exposed persons (PEPs) and their associates, who require heightened scrutiny.
Documentation Failures: AAIM failed to maintain necessary records for customer due diligence, crucial for regulatory compliance and tracking client activities.
Management Accountability: MAS reprimanded AAIM's CEO, Mintarja Oei, for not ensuring the firm's regulatory compliance.
Remedial Actions
Although AAIM has taken steps to enhance its AML/CFT controls since the investigation, the imposed penalty underscores MAS's commitment to upholding stringent financial compliance standards in Singapore.
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