Category: Women in FinCrime

Regulatory Watch News

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  MAS Imposes Composition Penalty of S$2.5 million on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT Breaches, Reprimands its CEO and COO

  MAS

  May 7, 2024

  Singapore, 7 May 2024… The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$2.5 million on Swiss-Asia Financial Services Pte. Ltd. (SAFS) for breaches of MAS’ anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. MAS has also issued a reprimand to SAFS’ chief executive officer (CEO), Mr Olivier Pascal Mivelaz, and its chief operating officer (COO), Mr Steve Knabl, for failing to discharge their duties and functions of ensuring that SAFS complied with MAS’ AML/CFT requirements.

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  SFC obtains interlocutory asset freezing order against Leung Anita Fung Yee Maria

  Securities and Futures Commission

  May 7, 2024

  The Securities and Futures Commission (SFC) has obtained an interim injunction order at the Court of First Instance against Ms Leung Anita Fung Yee Maria, former chief executive officer and executive director of SMI Culture & Travel Group Holdings Limited (SMI Culture & Travel Group), following the hearing of a Mareva injunction application on 6 February 2024 .

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  Ukraine-/Russia-related Designation Removal

  OFAC

  May 6, 2024

  The following deletions have been made to OFAC's Sectoral Sanctions Identifications List:

  SBERBANK (SWITZERLAND) AG, Gartenstrasse 24, 8002 Zurich, Switzerland; PO Box 2136, Zurich 8027, Switzerland; Freigutstrasse 16, 8027 Zurich, Switzerland; SWIFT/BIC SLBZCHZZ; Website www.slb-bank.ch; Executive Order 13662 Directive Determination - Subject to Directive 1; Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209; Registration ID CH-020.3.908.277-7 (Switzerland); alt. Registration ID CHE-106.291.569 (Switzerland);