General Announcement::Response to MAS' announcement on breaches of AML/CFT requirements

Issuer & Securities

Issuer/ Manager
OVERSEA-CHINESE BANKING CORPORATION LIMITED
Securities
OVERSEA-CHINESE BANKING CORP - SG1S04926220 - O39
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
22-Jun-2023 12:17:30
Status
New
Announcement Sub Title
Response to MAS' announcement on breaches of AML/CFT requirements
Announcement Reference
SG230622OTHR5UTU
Submitted By (Co./ Ind. Name)
Sherri Liew
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Monetary Authority of Singapore (MAS) announced last evening that a composition penalty had been imposed on OCBC for breaches of MAS Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. Please see our response below.

OCBC accepts MAS penalty and decision. The Wirecard AG case involved an intricate web of entities and transactions spanning multiple jurisdictions. It demonstrates the complexity of global financial crimes that the financial industry must guard against.

One of our business banking customers was implicated in this case. We take such matters seriously. Over the past few years, we have devoted significant resources to a strategic uplift of our anti-money laundering and combating the financing of terrorism standards and capabilities. Our transaction monitoring, due diligence and know-your-customer processes have been further enhanced. We have also deployed data analytics which has yielded positive outcomes in money laundering and financing terrorism risk detection and mitigation.

While the historical issues in relation to this case have been addressed, we continue to prioritise AML/CFT measures. This involves working constructively with regulators and our peers on industry initiatives like the digital platform COSMIC, to optimise information sharing.