AIR+03 Jul 2023

Singapore:Swiss Life implements additional measures to detect client misconduct

| 03 Jul 2023

An insurer was among financial institutions penalised by Singapore regulator MAS for breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. The regulator imposed a composition penalty of S$200,000 ($148,000) on Swiss Life Singapore for breaches in May 2017 relating to an investment-linked life insurance policy underwritten by the insurer. MAS said that the insurer failed sufficiently to understand the reasons behind the higher risk customer's complex ownership and control structure.

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