Lim Fang Wee has been hit with a four-year prohibition order that prevents him from performing any regulated activity and financial advisory service.
A former representative of Credit Suisse Singapore Branch, Lim was responsible for servicing the three accounts and was aware that those listed as the beneficial owners were, in fact, nominees.
In concealing this fact, he deliberately made it more difficult for the bank to monitor and detect suspicious transactions from the three accounts.
Lee Boon Ngiap, assistant managing director (capital markets) at Mas, said: “The financial industry is the first line of defence in detecting suspicious transactions.
“Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly. This is necessary to safeguard public trust in our financial institutions and Singapore’s reputation as a clean financial centre.”
Regulatory clampdown
The Singapore regulator has been very active in recent years, following the investigation into scandal-plagued wealth fund 1Malaysia Development Berhad (1MDB).
Mas has shut down local branches of Swiss banks, including Falcon Private Bank and BSI Bank, for serious failures in anti-money laundering controls and improper conduct.
In May 2017, Credit Suisse and UOB were fined for their respective links to 1MDB.
Global transparency
The regulatory sanctions against Lim come as the world grapples with balancing transparency and privacy.
Earlier this week, the UK Government voted to impose public beneficial ownership registers on the British Overseas Territories, prompting backlash from the jurisdictions amid claims of “modern day colonialism”.
The crown dependencies were spared.
