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: