The following six members of BSI Bank’s senior management and staff in Singapore have been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, namely.
Hanspeter Brunner, former CEO, Raj Sriram, former Deputy CEO Kevin Michael Swampillai, Head of Wealth Management Services (currently suspended by the bank) Yak Yew Chee, former Senior Private Banker, Yeo Jiawei, former Wealth Planner (currently in remand in Singapore) and Seah Yew Foong Yvonne, former Senior Private Banker
Clients and customers of BSI Bank are assured that the Bank is solvent and has assets in excess of its liabilities and commitments. It also has the full support of its parent bank, BSI, in Switzerland. The Monetary Authority of Singapore (MAS) is working closely with the Swiss Financial Market Supervisory Authority (Finma), the home regulator of BSI, to oversee an orderly closure of BSI Bank in Singapore.
Transfers Allowed
MAS notes that Finma has approved the acquisition of the entire BSI Group by EFG International, a bank authorised by Finma and headquartered in Switzerland. In the interest of the customers of BSI Bank, MAS will allow the transfer of the Singapore subsidiary’s assets and liabilities to the Singapore branch of EFG Bank or to the parent entity, BSI.
MAS has also served BSI Bank notice to impose financial penalties amounting to $13.3 million for 41 breaches of MAS Notice 1014 – Prevention of Money Laundering and Countering the Financing of Terrorism. The breaches include failure to perform enhanced customer due diligence on high risk accounts, and to monitor for suspicious customer transactions on an ongoing basis.
First Such Move
The MAS action in withdrawing BSI's merchant bank is the first such move by the regulator since 1984, when Jardine Fleming (Singapore) was shut down for serious lapses in its advisory work.
