Singapore Vigilant Against Financial Misconduct, Menon Says
- Responsibility of compliance rests with company boards: Menon
- Country should be able to avoid recession, MAS chief says
Ravi Menon.
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Singapore has increased inspections of banks’ anti-money-laundering and terrorism-financing controls as it steps up enforcement actions against misconduct in the industry, the head of the central bank said.
Financial institutions must promote constant vigilance and set the right moral tone, Ravi Menon, managing director of the Monetary Authority of Singapore, said at an event hosted by the Foreign Correspondents Association in the city Tuesday. The responsibility of ensuring compliance lies with each company’s board and senior management, he said.