The former CFO instructed subordinates to submit false financial statements to banks in Japan, South Korea, India and Taiwan to obtain trade financing.
January 18, 2023The former CFO used false financial statements to obtain loans for Agritrade International and its suppliers, causing over $469mn in losses for up to 12 banks.
December 13, 2022The guidance describes the most common TBML methodologies and provides indicators and behaviours to help financial service providers detect and report suspicious activity.
October 28, 2022Companies are given greater flexibility to open and use offshore banking unit accounts held with domestic banks to take out foreign currency loans.
March 11, 2022Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.
March 1, 2022Lim Oon Kuin now faces a total of 25 charges - 14 counts of abetment of forgery for the purpose of cheating, and 11 counts of abetment of forgery simpliciter.
May 3, 2021The second charge is for a forged email that was used alongside an inter-tank transfer certificate to secure more than $56mn in trade financing.
September 29, 2020While investigations into other offences are ongoing, the charge of abetment of forgery for the purpose of cheating carries a punishment of up to ten years' imprisonment and a fine.
August 16, 2020MAS is working with banks and insurers to see how best to help businesses and individuals with loan obligations and insurance premium payments.
March 26, 2020In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.
October 30, 2019