MAS Orders BSI Bank to Shut Down in Singapore
The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.
“This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work.”
~ Monetary Authority of Singapore
In addition, MAS has referred to the Public Prosecutor the names of six members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences. This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work.
About BSI Bank (Singapore)
BSI Bank Limited Singapore (“BSI Singapore”) is a wholly owned subsidiary of BSI Ltd, Lugano, Switzerland. Established in Lugano, the southern and Italian speaking part of Switzerland in 1873 under the name of Banca della Svizzera Italiana, BSI stands out for its client orientation centred on expertise, trust and discretion. In 1998 Banca della Svizzera Italiana became wholly owned by Assicurazioni Generali SpA and changed its name to BSI Ltd.
In 2015 BSI Ltd was acquired by BTG Pactual, one of the largest and most important Latin American banking groups with a wide international reach. BTG Pactual is an innovative global financial company with Brazilian roots that operates in the markets of Investment Banking, Wealth Management and Asset Management. It offers advisory services in M&A, wealth planning, loans and financing, as well as investment solutions and market analyses.
About Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.
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