By Chen Lin
Singapore’s central bank on Wednesday said it has imposed fines collectively worth S$3.8 million ($2.83 million) on lenders Citibank, DBS and OCBC and insurer Swiss Life, for breaching its requirements on anti-money laundering and countering terrorism financing.
The penalties of S$2.6 million ($1.93 million)for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life were imposed because the central bank found they had inadequate controls in place to prevent money laundering and terrorism financing.
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