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MAS orders wealth/asset manager to shut up shop

Josh O'Neill, Editor, London, 13 April 2017

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Singapore's regulator and central bank, the Monetary Authority of Singapore, has revoked the licence of One Asia Investment Partners, an asset and wealth management firm headquartered in the city-state.

One Asia is no longer a licensed fund manager and is therefore banned from providing fund management services in Singapore. Last month it was served a winding-up order by Singapore's High Court and is in the process of closing its doors.

The MAS says on its website: “The board of directors and the management team of One Asia Investment Partners had not demonstrated that they were able to manage effectively. [The firm's] financial condition deteriorated. Every licensed financial institution has a duty to ensure that it has effective management of its operations and financials, and that it remains compliant with MAS' rules and regulations."

Last year, the regulator banished Falcon Private Bank and BSI as part of its most important anti-money-laundering initiative so far - that related to 1Malaysia Development Berhad. It closed Falcon Bank down and fined it S$4.3 million ($10.2 million) for 14 offences against the Prevention of Money Laundering and Countering the Financing of Terrorism Act. It revoked the merchant banking licence of BSI Bank, whose parent bank resides in Switzerland, for a number of infractions of AML laws and for the ‘gross misconduct’ of certain staff.

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