Singapore central bank fines DBS, Citibank, OCBC, Swiss Life over breaches

Singapore’s central bank has fined Citibank, DBS, OCBC, and Swiss Life S$3.8 million ($2.83 million) for anti-money laundering and counter terrorism financing breaches. The fines were linked with a case involving collapsed payment firm Wirecard. DBS received the largest fine of S$2.6 million, with Citibank, OCBC, and Swiss Life fined S$400,000, S$600,000, and S$200,000 respectively.