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DBS & UBS Fined by MAS

MAS has imposed penalties amounting to S$1 million on DBS for 10 breaches and S$1.3 million on UBS for 13 breaches.  The lapses in these banks related to specific bank officers who did not carry out their duties effectively.

MAS has informed the management to investigate the problems and take appropriate actions against the staff who were involved.

News Source: Finews Asia

 

About DBS Bank

DBS Bank
DBS Bank

DBS Bank Ltd (SGX:D05) is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank. Founded in 1968, DBS acquired POSB (Post Office Savings Bank) in 1998. With over

280 branches across 18 markets in Asia, DBS serves over four million customers in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia.

  • Origin : Singapore
  • Assets : SGD 458 billion
  • Revenue : SGD 10.8 billion
  • Employees : 22,000
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Official Website: www.dbs.com

News & Media: Press Release

 

About UBS

UBS Bank
UBS Bank

UBS Group AG (NYSE:UBS) is a global firm providing financial services to private, corporate and institutional clients. It was founded in 1862 and merged several times prior to 1998, when the Union Bank of Switzerland merged with Swiss Bank Corporation – become UBS Group AG. The operational structure of the Group is comprised of Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. The UBS Group is present in all major financial centers and has offices in over 50 countries.

  • Origin : Zurich, Switzerland
  • Assets : CHF 942.82 billion
  • Revenue : CHF 30.61 billion
  • Employees : 60,000

Official Website: www.ubs.com

News & Media: Press Release

Updated on 8th August 2016

 



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