The Monetary Authority of Singapore responded to a query about Angolan tycoon Carlos Manuel De Sao Vicente’s failed attempt at obtaining funds from a private bank in the city-state.
Financial institutions are required to alert the police and the Monetary Authority of Singapore (MAS) if there are suspicions of a crime-linked transaction, according to a «Straits Times» report citing the city-state’s financial regulator.
Financial firms are also required to boost measures for customers with higher money laundering and terrorism financing risk, such as wealthy individuals.
Angolan Tycoon
The statement by the MAS was a response to queries about Angolan tycoon Carlos Manuel De Sao Vicente’s failed recent attempt at obtaining funds from Bank of Singapore. He was sentenced to nine years of prison in Angola in March 2022 over embezzlement, money laundering and tax fraud.
Last week, a Singapore High Court dismissed an application made by De Sao Vicente – also the son-in-law of Angola’s first president Agostinho Neto – to release $2.6 million from his account at the local private bank.
Bank of Singapore's global head of financial crime compliance Chew Qi said the bank acted promptly following news of Bank Syz being reprimanded by Swiss regulator Finma in September 2020 for allowing De Sao Vicente to make transfers.
