Singapore central bank fines DBS, Citibank, OCBC, Swiss Life over breaches

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore. REUTERS/Darren Whiteside/File Photo

SINGAPORE: Singapore's central bank on Wednesday said it had imposed fines collectively worth S$3.8 million ($2.83 million) on lenders Citibank, DBS and OCBC and insurer Swiss Life, for breaching requirements on anti-money laundering and countering terrorism financing.

The Monetary Authority of Singapore (MAS) said it discovered inadequate controls in place when looking into the alleged involvement of Singapore-based individuals in a fraud case centred on collapsed payments firm Wirecard.