General Announcement::UOB's response to MAS' media release on AML related breaches

Issuer & Securities

Issuer/ Manager
UNITED OVERSEAS BANK LIMITED
Securities
UNITED OVERSEAS BANK LIMITED - SG1M31001969 - U11
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
04-Jul-2025 17:43:11
Status
New
Announcement Sub Title
UOB's response to MAS' media release on AML related breaches
Announcement Reference
SG250704OTHRWEKQ
Submitted By (Co./ Ind. Name)
Jeffrey Beh
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
UOB refers to the press release today by the Monetary Authority of Singapore (MAS), regarding regulatory actions against UOB and other financial institutions (FIs) for anti-money laundering related breaches. This follows the completion of MAS' supervisory examinations against pertinent FIs with nexus to persons of interest in the major money laundering case of August 2023.

A composition penalty of $5.6 million was imposed on UOB, and two individuals who were UOB employees at the material time were reprimanded. UOB accepts MAS' decision and reaffirms its commitment to ensuring compliance with regulatory requirements and to upholding the integrity of the Singapore financial system.

Over the past two years, we have implemented prompt remedial actions to address the deficiencies identified after a comprehensive internal review, including stepping up on our transaction monitoring and customer due diligence processes. We have also committed significant investments in technology and other resources to enhance our internal risk management standards and capabilities further. In addition, we have continued to enhance our employee training to ensure that our employees uphold themselves to the highest standard of integrity, values and professional conduct. All these are part of our continuous efforts to detect and respond more quickly and effectively to risks.

The Bank is resolute in upholding the highest professional and ethical standards as outlined in our Code of Conduct. We have conducted a thorough assessment of the facts and circumstances surrounding the issues and staff involved, and taken appropriate actions to address accountability and discipline. We take our responsibility seriously in combating financial crimes and will continue to work closely with our regulator and law enforcement agencies to do our part.