MAS fines Atrium Asia Investment $1.9M for AML/CFT compliance breaches

It breached the requirements from June 2015 to October 2020.

The Monetary Authority of Singapore (MAS) has imposed a $1.9m composition penalty on Atrium Asia Investment Management (AAIM) for breaching anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.

The central bank also reprimanded AAIM’s CEO, Mintarja Oei, for failing to ensure that his company complied with the requirements.

According to the central bank’s investigations, AAIM breached the requirements from June 2015 to October 2020.

The company failed to implement adequate procedures to detect and report suspicious transactions, resulting in several large transactions with third parties going unverified.

It also neglected to assess and mitigate money laundering and terrorism financing (ML/TF) risks among customers, including tax-related risks and identifying politically exposed persons (PEPs) or their associates.

AAIM also did not maintain up-to-date records of beneficial owners, compromising compliance with AML/CFT requirements.

MAS, however, said AAIM has already taken remedial actions to address the identified deficiencies.

Follow the link for more news on

MAS

Monetary Authority of Singapore

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia