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  • Writer's pictureJulie O'Connor

Banking Bad?

Are DBS Bank going to be subjected to the same scrutiny?

According to a former DBS employee (see extract from his book below) Monetary Authority of Singapore (MAS) was aware of a huge backlog of unmonitored suspicious transactions during 2015 - 2018, customers who were suspected to be money laundering.

Maybe at the same time MAS should be auditing the bank's whistleblowing programs to ensure they are not able to be compromised to whitewash to a pre-determined conclusion and hide their dirt!

All financial institutions should be treated equally whether Government backed or not!

"(Reuters) - The Monetary Authority of Singapore (MAS) plans to conduct an on-site inspection of a local unit of Credit Suisse to determine whether it properly handled the monitoring of wealthy clients after at least one of its customers was charged with money laundering, Bloomberg News reported on Wednesday.

Officials from Singapore's financial regulator will review documents and interview personnel from Credit Suisse and other banks within weeks, the report said, citing people familiar with the situation." Extract


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