DBS is as good as the national bank and to be found with anti money laundering lapses is a big surprise. It cannot be and definitely cannot be intentional. It must be due do some low level staff’s carelessness. DBS would never get stuck in this kind of shit. DBS would be the one setting the standard for everyone to follow, the flag bearer of Singapore, the cleanest and most incorruptible country in Asia.
I can swear DBS is clean and blameless. I have seen how it operates and have attended AML classes umpteen times, at least twice a year to remind us, little boys on the floor to be aware of money laundering activities. Anyone making payments of more than ten or twenty thousand dollars in cash would have to make a statement to declare where the money came from.
Here we are talking about millions, hundreds of millions. How can there be lapses for such big sums of money passing through the banks for so long and no one noticed, no one escalated this to higher management? The external parties transferring such monies must be very sophisticated to be undetected. They are professional money launderers, so cannot blame the bank staff. I am sure they have done their best and would have gone through intensive training on anti money laundering and would have known one if they saw one.
Trust DBS would do all the right things to check on money laundering. Not to be alarmed. Everything is fine. It happened everywhere, in every big banks, in UBS, in Stanchart and in many big banks in the US and Europe. It is part of the business risk in the industry. We are so lucky this is the first time it happened. I am sure nothing of this would ever happen again. All the holes would be plucked.
My only reservation is that little people like us would have to attend many many more AML courses to make sure we know what is money laundering and check on our clients closely, to know our clients well. We will make very sure that our little clients would not be involved in money laundering at our low level, at ground zero.