Neil joined NTT DATA in 2021 after having spent 30 years working for regional and global banks in Ireland, UK and Europe in digital roles covering product, technology, payments and transformation activities. Neil is now working with banks leveraging his experience in helping them address the challenges of the digital landscape with financial crime becoming an ever more prominent area of focus – he views this landscape as being akin to a ‘Tom and Jerry’ scenario where the wider banking industry has to be smarter, faster and more nimble in negating the efforts of the ‘Toms’ as they try to disrupt and plunder the financial eco-system. Neil has also studied in this area and holds a Post Grad qualification in Financial Crime Prevention.
Regulatory Watch News
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
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.
SFC obtains interlocutory asset freezing order against Leung Anita Fung Yee Maria
Securities and Futures Commission
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 .
Ukraine-/Russia-related Designation Removal
OFAC
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);
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