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Singapore's largest bank, DBS, has been hit by a money laundering investigation

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On Monday, Piyush Gupta, the CEO of DBS, the largest bank in Singapore, stated that DBS faces financial risks of approximately SGD 100 million ($73.8 million) due to a recent money laundering scandal in Singapore.
Gao Bode stated at a press conference that some individuals or companies under investigation by relevant authorities in Singapore have provided financing for property purchases. In August, the police arrested 10 foreign citizens on charges of fraud, money laundering, and other charges.
DBS is one of several domestic and international banks associated with these suspects in the case. Since the raid in mid August, Singapore police have seized or frozen assets worth over $2 billion, including property, gold bars, and jewelry.
Gao Bode stated on Monday that DBS has reported suspicious transactions related to the case to relevant departments.
In the third quarter ending at the end of September, DBS made provisions equivalent to $145 million for expected credit losses. This total amount includes provisions made by the bank for loans provided to relevant parties involved in the above-mentioned money laundering investigation.
In recent months, DBS has been under closer scrutiny from relevant departments in Singapore. After a series of digital banking service outages since the beginning of this year, the bank was requested by the Monetary Authority of Singapore last week to suspend acquisitions and non essential technological changes for six months.
Gao Bode stated on Monday that due to the impact of this suspension, the bank will delay the launch of some products and services to the market, but this setback has given the bank an opportunity to rectify.
He said, "It's like stepping on the brake. After stepping on the brake, you can run faster
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