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Singapore – In response to the FinCEN Archives Research released on Sunday (September 20) on the basis of “Suspicious Activity Reports” showing that criminals moved around 2 trillion dollars (2.7 trillion Singapore dollars) in “dirty money” worldwide in some of the largest banks, including Singapore, said DBS Bank that it is difficult to stop the type of transactions mentioned in the investigation.
According to the report, in Singapore, between 2000 and 2017, nearly S $ 4.1 billion in 1,781 suspicious transactions were brought into the country, and about half of this amount was returned.
Among the Singaporean banks that handled these questionable transactions were DBS Bank, CIMB Bank and Deutsche Bank. However, these transactions do not automatically mean that banks and financial institutions have committed irregularities.
DBS Bank appears in 461 of these transactions, with CIMB in at least 294. Reports say that between 2000 and 2017, DBS Bank sent more than S $ 800 million (US $ 596.8 million) and received more than S $ 311 million (US $ 228.3 million) in minutes.
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the Cocos Singapore The website reported that DBS Bank said, in response to questions about doubtful transactions, that the difficulty in stopping these transactions was because they would affect legitimate ones as well. However, after they are reported to be suspicious, that is when the bank can begin to take action.
DBS Bank said: “We observed that outside of sanctions on names or freezes of specific accounts, it is generally very difficult to delay or intercept money in transit given the impact on legitimate businesses, so the normal process, which occurs behind the scenes, involves subsequent investigations to establish suspicions, from which the necessary actions are taken ”.
It also said that it has “zero tolerance for bad actors who abuse the financial system” and that it also stands “united with the financial industry in collaborating with authorities to seize funds and disrupt criminal networks.”
The FinCEN Files investigation cites the five global banks that appear most frequently on the list of suspicious transactions: Deutsche Bank, HSBC Bank, JPMorgan, Standard Chartered and Bank of New York Mellon.
The Monetary Authority of Singapore (MAS) has said it knows that Singaporean banks were part of the news reports about the FinCEN leak, and told The Strait times takes these reports very seriously.
A MAS spokesperson added that the country’s framework for fighting money laundering meets the global standards of the Financial Action Task Force. She said: “MAS is closely studying the information in these media reports and will take appropriate action based on the outcome of our review.”
And while these questionable transactions are not themselves considered criminal, they are reported by banks and financial institutions for control by regulators. ITGS
Also read: HSBC on social media blackout amid leaked reports of illicit activity
HSBC on social media blackout amid leaked reports of illicit activity
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