![]() ![]() We acknowledge that we could have done better."Ī Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "We were unable to unravel the scheme in its entirety. ![]() "These transactions were part of an elaborately orchestrated scheme," the spokesperson said. MAS found breaches by DBS related to 11 corporate accounts and said it failed to update customers risk ratings and adequately establish the source of wealth of some higher risk customers.ĭBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said.ĭBS said its lapses related to a network of customers ultimately traceable to Wirecard and it was now in a better position to respond faster and more robustly. Citibank has since "taken steps to strengthen our 'know your customer' process," a spokesperson said. ![]()
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