DBS' response to MAS' media release on breaches of AML requirements
Singapore.21 Jun 2023
Singapore, 21 Jun 2023 - The Monetary Authority of Singapore (MAS) announced today penalties on several entities for breaches of anti-money laundering (AML) controls. Please see DBS’ response below:
“DBS takes our AML obligations seriously and accepts MAS’ decision. MAS’ actions were for lapses occurring between July 2015 and February 2020 relating to a network of customers which is ultimately traceable to Wirecard. These transactions were part of an elaborately orchestrated scheme involving a network of complex corporate structures, nominee arrangements and financial products to conceal actual control and/or beneficial ownership. While we detected and acted upon some of these activities through transaction monitoring and customer due diligence – and ultimately exited all relevant entities – we were unable to unravel the scheme in its entirety. We acknowledge that we could have done better.
Today, DBS is in a materially better position to respond faster and more robustly if faced with similar circumstances. Between 2019 and 2022, we had worked closely with MAS to enhance the effectiveness of our anti-money laundering controls. This has materially improved our ability to detect and mitigate risks arising from complex networks. MAS has recognised the improvements made. Cognisant that AML is an industry-wide concern, we also continue to actively contribute to public-private industry collaborations such as AML/CFT Industry Partnership (ACIP) and Collaborative Sharing of Money Laundering/Terrorism Financing Information & Cases (COSMIC) to combat financial crime.”
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com
“DBS takes our AML obligations seriously and accepts MAS’ decision. MAS’ actions were for lapses occurring between July 2015 and February 2020 relating to a network of customers which is ultimately traceable to Wirecard. These transactions were part of an elaborately orchestrated scheme involving a network of complex corporate structures, nominee arrangements and financial products to conceal actual control and/or beneficial ownership. While we detected and acted upon some of these activities through transaction monitoring and customer due diligence – and ultimately exited all relevant entities – we were unable to unravel the scheme in its entirety. We acknowledge that we could have done better.
Today, DBS is in a materially better position to respond faster and more robustly if faced with similar circumstances. Between 2019 and 2022, we had worked closely with MAS to enhance the effectiveness of our anti-money laundering controls. This has materially improved our ability to detect and mitigate risks arising from complex networks. MAS has recognised the improvements made. Cognisant that AML is an industry-wide concern, we also continue to actively contribute to public-private industry collaborations such as AML/CFT Industry Partnership (ACIP) and Collaborative Sharing of Money Laundering/Terrorism Financing Information & Cases (COSMIC) to combat financial crime.”
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com
