As in the case of SMRT, perhaps we should also nationalise DBS/POSB as well, as they are proven now to be run be incompetent foreign talents. Next best thing to do is to take them private, so that at least the shits are kept behind closed doors. What we don't understand is why MAS Continue to Screw Up In Spite of "Top" Foreign Talent In-Charge.
These 2 Banks, DBS & PosB, are exploiting every loophole they can find to reduce cost even if it inconveniences its customers, like cutting down on ATM machines and payment kiosks, causing long queues and inconveniences to ordinary low income customers. They also cut jobs readily, at the expense of Singaporeans' rice bowls. But they have no issue paying out to and receiving millions from scams like 1MDB.
Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.
The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday.
“We may not be any worse than other jurisdictions,” Menon said. “But that is no consolation. We have not met the high standards we have set for ourselves.”
In a statement last Thursday, the MAS rebuked UBS Group AG, DBS Group Holdings Ltd. and two other banks for weaknesses in anti-money laundering controls related to transactions tied to 1MDB. MAS is still examining “certain other” financial institutions, it said without naming them, adding that details will be provided as it continues investigations that began in March 2015.
That statement was the latest twist in an evolving scandal centered on a fund set up in 2009 to bolster the Malaysian economy, and came two months after MAS said it will revoke BSI Bank Ltd.’s license for breaching money-laundering rules. Allegations that billions of dollars have been improperly siphoned out of 1MDB have led to investigations across the globe -- spanning from Abu Dhabi, Switzerland, and the Caribbean to Hong Kong and the U.S.
The Singaporean regulator won’t investigate 1MDB but intends to focus on transactions related to illicit flows at financial institutions, Menon said. While money laundering had become more sophisticated and more difficult to detect, the MAS saw no “systemic” issues with anti-money laundering controls, he said.
The regulatory chief pledged “stronger regulatory actions,” saying that the MAS will conduct “more intrusive inspections” of financial institutions identified as facing higher risks.
“We can do better,” Menon said. “MAS will further strengthen its enforcement capability to conduct rigorous investigations and to take swift and decisive actions.”