SINGAPORE – A number of banks in Singapore handled about US$4.5 billion (S$6.13 billion) in suspicious transactions between 2000 and 2017, with DBS Bank, CIMB Bank and Deutsche Bank among those that processed the largest sums of such funds here.
This is according to the findings of the International Consortium of Investigative Journalists (ICIJ) on leaked files, comprising so-called suspicious activity reports, from the Financial Crimes Enforcement Network (FinCEN) in the United States.
The consortium noted that, within almost 20 years, Singapore received about US$3 billion and sent US$1.5 billion in 1,781 suspicious transactions.
The Monetary Authority of Singapore (MAS) told The Straits Times on Monday that it is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN.
Although such suspicious transaction reports do not imply that the transactions are illicit, the authority takes such reports very seriously, said a spokesman, adding that Singapore’s regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force.
