Latest: Corruption and Money Laundering.

Singapore Vigilant Against Financial Misconduct, Menon Says.

Ravi Menon.

 

Photographer: Munshi Ahmed/Bloomberg

• Responsibility of compliance rests with company boards: Menon
• Country should be able to avoid recession, MAS chief says

Singapore has increased inspections of banks’ anti-money-laundering and terrorism-financing controls as it steps up enforcement actions against misconduct in the industry, the head of the central bank said.

Financial institutions must promote constant vigilance and set the right moral tone, Ravi Menon, managing director of the Monetary Authority of Singapore, said at an event hosted by the Foreign Correspondents Association in the city Tuesday. The responsibility of ensuring compliance lies with each company’s board and senior management, he said.

“We will make more robust risk assessment of financial institutions, business activities, client profiles, geographical connections, transaction volumes and the quality of their controls," Menon said. “We will intensify the supervision of financial institutions that pose higher risks. And we will conduct thematic inspections of activities that pose higher risks across financial institutions.”

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