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OCBC Dubai Fined for AML Lapses

A Report by CYS Global Remit Legal & Compliance Office

In a recent development, the Dubai Financial Services Authority (DFSA) has levied a fine of US$1.12 million on the Dubai International Financial Centre (DIFC) branch of Bank of Singapore (BOS) for various contraventions, including deficiencies in systems and controls, and lapses related to anti-money laundering (AML) measures.

The DFSA noted that the fine, initially set at US$2 million, was reduced as BOS committed to an "enforceable undertaking" to address the identified issues. The regulatory concerns primarily revolved around shortcomings in the bank's AML business risk assessments, evaluation of client risks, customer due diligence practices, enhanced customer due diligence, and reporting of suspicious activities.

At CYS Global Remit, we consistently uphold rigorous procedures, especially during customer onboarding, to ensure compliance with industry standards and regulatory guidelines. Our measures include:

Customer Due Diligence Practices: Adhering to industry best practices and following MAS guidelines, we conduct thorough yet efficient checks on each customer before onboarding.

Enhanced Due Diligence (EDD): Tailored to the client's risk assessment, we perform Enhanced Due Diligence to ensure a more in-depth level of scrutiny and ongoing monitoring.

Identification of Customer’s Source of Wealth/Funds: A crucial aspect of Customer Due Diligence, we meticulously identify the customer’s source of wealth and funds. This step is pivotal in gaining a deeper understanding of how the customer has accumulated their wealth and funds.

Our commitment to stringent AML procedures reflects our dedication to maintaining the highest standards of compliance and ensuring the integrity of financial transactions.

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