UOB acknowledges penalty for anti-money laundering breaches

Two of its employees were reprimanded, it said in an SGX statement.

United Overseas Bank Limited (UOB) said that it accepts the Singapore central bank’s decision to impose regulatory actions against the bank and other financial institutions (FIs) for anti-money laundering related.

“UOB accepts MAS’ decision and reaffirms its commitment to ensuring compliance with regulatory requirements and to upholding the integrity of the Singapore financial system,” the bank said in a statement at the Singapore Exchange (SGX).

The Monetary Authority of Singapore (MAS) imposed a S$5.6m penalty on UOB, and a total of S$27.45m in penalties across nine FIs.

UOB said that two of its employees were reprimanded.

The bank said that it has conducted an assessment of the facts and circumstances surrounding the issues and staff involved and taken appropriate action to address these.UOB also said that it has implemented remedial actions to address deficiencies identified after a comprehensive internal review, which included stepping up its transaction monitoring and customer due diligence processes.

“We have also committed significant investments in technology and other resources to enhance our internal risk management and capabilities further,” the bank stated.

The bank says that it has also enhanced their employee training.