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HKMA fines DBS S$1.7M for repeated anti-money laundering failures

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SINGAPORE: The Hong Kong Monetary Authority (HKMA) has fined the local arm of Singapore’s DBS Bank HK$10 million (approx. S$1.7 million) for repeated failures in anti-money laundering (AML) and counter-terrorist financing (CTF) over seven years.

According to Citywire Asia, between April 1, 2012 and Apr 30, 2019, DBS Hong Kong (DBSHK) breached four key AML rules. One major issue was the bank’s online corporate banking service, Ideal.

DBSHK did not collect identity details from people authorised to approve transactions for 477 clients. Additionally, the bank failed to conduct necessary “trigger event reviews” for 23 customers.

These reviews are important when there are changes in circumstances, like unusual transaction patterns or changes in ownership.

DBSHK did not identify transactions lacking apparent economic or lawful purpose for 15 clients between March 1, 2017 and Sept 30, 2017.

Moreover, the bank failed to maintain adequate records for nine of these clients.

HKMA stated that DBSHK failed to verify the source of wealth and funds for high-risk customers. This affected 15 business relationships between Dec 1, 2018 and Feb 28, 2019.

Raymond Chan, Executive Director of Enforcement and AML at HKMA, highlighted the importance of strong customer due diligence.

The HKMA requires banks to put in place effective customer due diligence measures to combat money laundering and terrorist financing.

These measures should be subject to regular review to ensure that they remain effective,” Mr Chan said.

In response, DBSHK acknowledged the lapses and accepted HKMA’s decision. The bank described the issues as “sporadic and historical in nature” and emphasised its efforts to enhance AML controls.

DBSHK has been working closely with the HKMA on uplifting and enhancing execution quality of the bank’s AML controls.

Over the years, DBSHK has also implemented new group policies to continue to detect and manage new money laundering typologies. These actions have materially improved our capabilities to detect and mitigate money laundering risks,” DBSHK said. /TISG

Read also: DBS denies claims that it is an Ether whale with $650M ETH

Featured image by Depositphotos

Baey Yam Keng addresses resident’s criticism of the aeroplane design on Tampines North block described as “bad & poor taste”

SINGAPORE: A Member of Parliament took to social media to address a complaint received from a Tampines resident about the new design on a block courtyard that included aeroplanes.

The resident had expressed his unhappiness with the design to the Town Council.

And although he had been explained twice, he refused to accept it and “demanded the design be changed or erased,” wrote Baey Yam Keng in posts on Instagram and Facebook.

Mr Baey had announced choices for designs for repainting works for Blk 472-484 at Tampines North a year ago.

He wrote that the resident was the only person who had given negative feedback on the design based on the board game 飞机棋, also known as “aeroplane chess” or “Fei Xing Qi.”

The resident felt the design had “bad and poor taste.”

FB screengrab/Baey Yam Keng

Mr Baey added that he took the resident’s concerns seriously and wrote:

“After discussing with the town council, checking with some residents and grassroots leaders, and thinking through it, I support the town council’s decision to stick to the original design concept.”

He listed his reasons for doing so.

First, the design is part of a series of nostalgia themes adopted for block painting in Tampines North, as the team has been inspired by the TV test pattern, Tingkat, cassette tape, and Polaroid camera, along with the aeroplane board hame.

He further clarified that the board game is not an “attempt to disguise warplanes.”

Secondly, the MP also said that the design had been the popular choice based on residents’ votes last year when they had three design options to choose from.

When households voted, around 80 per cent chose the board game design.

“It means that the bulk of residents had no issue with the aeroplane design,” he added. “It would not be fair to the majority to change the design now.

I understand that the resident was not involved with the voting as he does not live in this cluster of blocks.”

Thirdly, he underlined that the painting works had been paid for using Service and Conservancy Charges (S&CC), and to spend on charging the design would not be a prudent use of these funds.

Mr Baey also wrote that he had explained this to the resident and hoped he would understand it. In addition, he gave an example of related feedback taken seriously by the Town Council.

When some residents reached out to say they had either red or green reflections from the gable end wall of a neighbouring block, some changes were made.

“After reviewing this with the painting contractor, both the gable end walls will be repainted mainly in white, with the side beams in red and green respectively.

I am sharing this to illustrate the principles guiding Tampines Town Council on what they are able and unable to do regarding residents’ feedback,” added the MP. /TISG

Read also: Tampines North residents to vote on courtyard repainting design inspired by board game

Parents seek witnesses to the accident that claimed the life of their 19-year-old along Joo Chiat Road

SINGAPORE: A young woman, Dorothy Naomi Tan, passed away in the early morning hours of June 9 after an accident along Joo Chiat Road near i12 Katonge last month.

Ms Tan, who was only 19 years old, had finished her A-Levels and graduated from Raffles Institution.

She had been accepted into Yong Pung How School of Law at Singapore Management University and wanted to become a lawyer like her father, Bernard Tan.

She had been walking Joo Chiat Road on June 8 after going to the gym.

However, as she crossed the street near the i12 Katong shopping mall, at around 8 am that morning, she was hit by a van and later succumbed to the injuries she sustained and died in hospital.

While Mothership reported that the police had said that the driver of the van, a 24-year-old male, was assisting with investigations, the police are appealing for witnesses to come forward.

Signs that were put up have been shared online.

Ms Tan’s parents are also appealing to anyone who can share information on the incident to come forward and have also made a public appeal by putting up posters.

FB screengrab/ 徐加敏

“If you have any CCTV footage, or if you saw anything helpful, please could you tell the police?” part of the poster reads. It also contains a link that witnesses can use to contact the authorities.

FB screengrab/ 徐加敏

The New Paper reported on Monday (July 8) that the young woman had flown home early from a family holiday in Beijing to participate in church activities.

The family said, however, that they want to tell the driver that they forgive him even as they acknowledge that there are legal consequences that he has to face because of the accident.

Shin Min Daily News quotes Ms Tan’s mother, 47-year-old Tan Chin Shin, saying, “I believe the driver is traumatised by the incident.”

In a Facebook post on June 11, she wrote, “So grateful to God for nineteen wonderful years with Dorothy.

1 Thessalonians 4:14 For if we believe that Jesus died and rose again, even so them also which sleep in Jesus will God bring with him.

See you next time, my beloved daughter, Dorothy Naomi Tan.” /TISG

Read related: Taman Jurong residents call for zebra crossing, speed bumps after fatal accident claims 12-year-old girl’s life

Jamus Lim invites Anchorvale & Compassvale residents for catch-up engagement

SINGAPORE: Workers’ Party Member of Parliament Jamus Lim (Sengkang GRC) announced in a Monday morning (July 8) special media post that he and his team are about to complete their door-to-door house visits in the ward under his care but added an invitation for residents who wish to do catch-up engagement.

In posts on Facebook and Instagram, Assoc Prof Lim said there is only one block each in Anchorvale and the part Compassvale he oversees and that he and the team are headed there in the coming weeks.

Since the team does not announce ahead of time which blocks they will be visiting to give them more time for resident interactions and to do a surprise check on the maintenance and cleaning standards of the block; he acknowledged that some residents may end up missing the visit from the MP and his team.

“For this final sweep, then, we will do our house visits slightly earlier in the evening, before setting up at the cluster’s multipurpose hall for the rest of the night.

We will announce these engagement sessions in advance, starting with what you see below (the information will also be posted in the respective lift notice boards).

So if you’d like to catch up, please feel free to swing by! We’ll also have town council staff joining us, in case you’ve a municipal matter you’d like addressed.”

FB screengrab/ Jamus Lim

In his post, he added that condominium residents in the areas he oversees may also receive a house visit from the WP team upon resident request and approval from the condominium board.

Interested residents may contact the MP’s email  ([email protected]) or the WhatsApp hotline (80300032).

Otherwise, they may drop by the event at the cluster closest to them.

In the poster announcing the engagement for week (July 11), the engagement sessions are referred to with the initials “WCYH,” although the MP did not explain what the letters stand for.

“I’ll let folks decide for themselves what this abbreviation might actually mean….,” he wrote.

“What is WCYH? We come your home?” one commenter asked.

Another referred to the phrase Assoc Prof Lim made famous in the General Election 2020, writing, “Warm Cockles of Your Heart.”

A commenter on Instagram asked, “When can you host.”

Another, however, sounded a little more disgruntled when he wrote, “The first rule of using a abbreviation is to spell it out in the first instance. Still got no idea what WCYH means.” /TISG

Read also: Support for WP MPs’ warnings against “Singapore washing”

S$5.10 for 3.5 thin fish slices in soup at SGH — Diner complains; Koufu apologises

SINGAPORE: After a customer took to social media with a complaint over the small portion of fish served in his soup at the food court at Singapore General Hospital, Koufu, which manages the food court, apologised to the customer publicly and said it would look into the matter.

Facebook user Yong Tow Hu wrote a post on the COMPLAINT SINGAPORE group page that on July 4, he had been given a choice at the stall between a small bowl of fish soup costing S$5.10 and a larger one that cost S$7.50.

As he was leaning toward the smaller portion. However, the server warned him that the price would be S$5.10 and that there would be very few fish slices.

FB Screengrab/ COMPLAINT SINGAPORE

Mr Yong nevertheless ordered it because he wanted to see just how few there would be.

He then proceeded to take a photo of his bowl of soup with its three and a half slices of fish, and upon seeing this, the server rushed over to remind him that she had warned him that there would be a few slices of fish only for a bowl of soup that costs S$5.10.

FB Screengrab/ COMPLAINT SINGAPORE

He retorted that fish soup is more generously served and reasonably priced at Tekka Market and Food Centre in Little India food stalls.

“Later on, I realised why they have a bowl priced at S$5.10… They want to appear to be fair. The S$5.10 bowl is just for show,”  wrote Mr Wong.

He added that this would lead diners away from thinking the food was too expensive and would hold stalls accountable to Koufu’s management.

“I’m the only customer who didn’t know what’s good for him and insisted on buying it despite the repeated warnings. I really deserved it,” he added.

“But I must also give them credit for slicing the fish so thinly, their knife skills are first class!”

Koufu responded to his post with an apology, writing, “Hello! We are deeply sorry for this incident.

We have fed this incident back to the stall owner for investigation to come up with an appropriate solution. In the meantime, can trouble you to email [email protected] for us?”

Mr Yong appears to have already taken down his post, but it has been reshared by the group page admins.

Independent Singapore has contacted the company for further comments or updates. /TISG


UPDATE: July 10, 2024

A spokesperson from Koufu clarified the matter with the below statement:

“Upon receiving the feedback, we immediately investigated this incident and contacted the stall owner. The stall owner will look into the food portioning. The management will also ensure that the stall owner complies with the approved portioning and ensure such incident will not happen again.”

Read also: Koufu food court at SGH warns vendors against setting mixed rice prices arbitrarily after online uproar

HDB resale prices increased 1.8% MoM and 7.3% YoY in June

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SINGAPORE: In June 2024, Singapore’s Housing and Development Board (HDB) resale prices maintained their upward momentum, increasing by 1.8% month-on-month (MoM) and 7.3% year-on-year (YoY), according to data from 99.co and SRX.

Singapore Business Review reported that both mature and non-mature estates experienced price hikes, with mature estates seeing a notable 2.6% MoM increase and non-mature estates recording a 1.3% MoM rise.

Breaking down the figures by room type, four-room flats led with a 1.8% MoM price increase. This was followed closely by three-room and five-room flats, each with a 1.6% MoM rise.

Executive flats saw a more modest increase of 1.1% MoM. Prices for all room types and estates have risen compared to the previous year.

Four-room flats topped the list with a 7.5% YoY increase, followed by five-room flats at 7.3%, three-room flats at 6.5%, and executive flats at 6.2%.

Both mature and non-mature estates showed significant YoY growth, with mature estates seeing a 6.7% increase and non-mature estates a 7.3% rise.

June 2024 also saw a notable increase in sales volume. 2,387 HDB resale units were transacted, marking a 15.7% MoM rise.

This represents a 17.5% increase compared to the previous year, although there was a slight 13.1% decrease compared with last month.

Most transactions in June were for four-room flats, which accounted for 44% of the total resale volume. This was followed by three-room flats at 24.8%, five-room flats at 24.2%, and executive flats at 6.9%.

Non-mature estates led in terms of transaction volume, with 57.7% of the total, while mature estates comprised the remaining 42.3%.  /TISG

Read also: HDB resale prices rose 2.1% in Q2 amid strong demand and supply constraints

Featured image by Depositphotos

BLACKPINK’s Lisa and Rosé share their friendship on social media

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Lisa showcased her friendship with Rosé on social media, sharing a video with the caption, @ROSÉ and I, baby we some rockstars” 💘🌟💘🌟💘

The video features both participating in the ‘ROCKSTAR’ challenge, linked to Lisa’s new song. Rosé’s visit to Los Angeles to support Lisa’s solo comeback garnered much attention.

@lalalalisa_m

“@ROSÉ and I, baby we some rockstars” 💘🌟💘🌟💘

♬ Rockstar (Sped Up) – LISA

Lisa also posted a photo of Rosé relaxing on a mattress in casual attire, highlighting their close bond, which charmed viewers.

Last month, Rosé signed with The Black Label, led by Teddy.

After partnering with RCA Records under Sony Music in April, Lisa launched LLOUD Co. and embarked on her solo career, releasing ‘ROCKSTAR’ on the 28th.

Photo: Instagram/Rosé

Biggest girl group

BLACKPINK, formed by YG Entertainment, consists of Jisoo, Jennie, Rosé, and Lisa. The group embodies the “girl crush” concept in K-pop, promoting self-confidence and female empowerment.

They have played a significant role in the Korean Wave, amassing a global fanbase and earning the title of the “biggest girl group in the world.”

Debuting in August 2016 with the single album Square One, which featured “Boombayah” and “Whistle,” both songs achieved commercial success in South Korea.

BLACKPINK continued their rise with EPs like Square Two (2016), Kill This Love (2019), and The Album (2020).

Members of the group

Lisa, full name Lalisa Manobal, is the rapper, main dancer, and lead vocalist of BLACKPINK.

Renowned for her powerful rapping, exceptional dancing, and strong stage presence, Lisa is pivotal to the group’s success.

Rosé, born Roseanne Park, is the main vocalist and lead dancer. Her sweet yet powerful vocals and smooth dance moves make her a standout performer, adding a unique, soulful tone to BLACKPINK’s music.

Citibank Singapore downsized staff by 500 jobs

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SINGAPORE: Citigroup’s workforce in Singapore has decreased by 500 people.

Last October, the US investment bank and financial services company employed 8,500 full-time and contract staff, which has now been reduced to 8,000.

This comes amidst the multinational finance firm’s restructuring efforts across the globe, according to a Monday morning (Jul 8) report in The Straits Times (ST).

ST added that to streamline operations, management layers and other roles focused on Asia Pacific have been removed.

However, a number of the staff have been transferred to a new global division overseeing Citi’s business outside North America.

“Management layers are fewer, decision-making is faster, and the governance across the firm becomes much simpler,” Tibor Pandi, Singapore Citi’s country officer, told ST, adding that the company’s operations are still among its biggest.

Significantly, he also said that Citi Singapore intends to bring on board additional personnel to work in its wealth division and commercial bankers who would take care of companies growing their operations in Asia Pacific.

In January, as part of the company’s reorganisation efforts, Citigroup retrenched more people in leadership. Market, risk, and investment banking managers were informed of their impending dismissals.

Several of the managers who were told they were being laid off were informed that their positions would no longer exist after the end of January.

The CEO of Citigroup, Jane Fraser, is said to have held a conference call with the company’s managing directors to discuss an overhaul that Reuters characterised as “sweeping”.

On Jan 12, the bank said it would cut 20,000 jobs over the next two years. The last quarter of 2023 had been a “disappointing” one for Citibank, which saw losses of US$1.8 billion (S$2.41 billion).

Ms Fraser told analysts, “The fourth quarter was very clearly disappointing. We know that 2024 is critical.”

At the time, Citigroup’s workforce around the globe totalled 239,000, and the banking giant planned to reduce this by around 8 per cent, or 20,000 jobs, from 2024 to 2026.

Chief Financial Officer Mark Mason has told the press that the bank hopes to cut its staff to 180,000 once Banamex, Citigroup’s Mexican consumer unit, is spun off and listed in an eventual initial public offering.

Ms Fraser allegedly said 5,000 employees would be culled from selling businesses, with another 5,000 workers dismissed in the reorganization.

The other 10,000 staff will be dismissed from support functions, including technology and operations.

/TISG

Read also: In wake of flexible work arrangements, Citigroup may give up one storey of its Asia Square office

Singapore shares open lower on Monday—STI fell by 0.2%

SINGAPORE: Singapore shares opened lower on Monday, July 8, continuing the decline from the previous week.

The Straits Times Index (STI) had fallen by 5.77 points or 0.2% to 3,405.04 by 9:01 am, The Business Times reports.

In the broader market, there were more gainers than losers, with 73 stocks rising and 52 falling after 35 million securities worth S$47.2 million were traded.

Among the most actively traded stocks was GSS Energy, a precision engineering company listed on Catalist. Its shares rose by S$0.002 or 7.1% to S$0.03, with 4.5 million shares traded.

Dyna-Mac, an offshore oil and gas contractor, also saw significant activity. Its shares increased by S$0.015 or 3.3% to S$0.47. Conversely, Singtel saw its shares decline. Its shares shed S$0.02 or 0.7% to S$2.83.

Singapore’s local banks had mixed results in early trading. UOB was the only one to see a rise, with its shares increasing by S$0.05 or 0.2% to S$32.55.

In contrast, DBS experienced a small drop of S$0.07 or 0.2% to S$37.35, and OCBC dipped by S$0.04 or 0.3% to S$14.96.

On Friday, Wall Street indices ended higher, supported by data indicating weaknesses in the US labour market, which boosted expectations for potential interest rate cuts as early as September.

The Dow Jones Industrial Average rose by 0.2% to close at 39,375.87, the S&P 500 increased 0.5% to 5,567.19, and the Nasdaq Composite gained 0.9% to 18,352.76.

However, the positive sentiment from the US did not entirely translate to European markets. European shares ended the week lower, with the pan-European Stoxx 600 index declining by 0.2% to 516.6.

This drop was driven by losses in banks and energy stocks, as investors turned cautious ahead of the second round of voting in the French parliamentary elections. /TISG

Read also: Singapore shares open lower on Friday—STI dropped 0.2%

Featured image by Depositphotos

WP going “too woke?” Some Singaporeans express concerns

SINGAPORE: While some Singaporeans online have expressed excitement to see the direction The Workers’ Party (WP) will take next, others have raised concerns that Singapore’s only elected opposition party in today’s Parliament is going “too woke.”

While the idea of “wokeness,” broadly defined as alertness to prejudice and discrimination, has some positive connotations, it has been seen in a more negative light by the more conservative members of society, especially in the past few years.

u/ExistingD00r asked in a recent r/SingaporeRaw post if anyone else is “excited for WP’s next move,” adding that they’re sure the party is “cooking up some good stuff to release during the election period.”

When a Reddit user started his answer by saying they’re “not a fan of WP going woke,” it received the most upvotes.

They cited the case of former WP MP Raeesah Khan, who stepped down in late 2021 after it was discovered that she had lied in Parliament more than once, and added that Sengkang MP Jamus Lim “is the latest woke politician”.

Writing that they believed the WP was a better alternative when Low Thia Khiang led it, they added that they “have their doubts” about the WP now that it’s under Pritam Singh, though they would still choose it over the ruling PAP.

One basis, apparently, for calling the WP too woke is a “scorecard” on a website that gives MP marks based on traditional family values.

Among the bottom five MPs are all three WP MPs in Sengkang: Assoc Prof Lim, He Ting Ru, and Louis Chua, who have been given low scores for “Promoting LGBTQ Ideology.”

Another Reddit user wrote, meanwhile, “woke… there goes my respect for them.”

One expressed that they did not expect too much from the WP but added that they believe that Senior Counsel Harpreet Singh, who recently joined the party, is “a great addition.”

They also felt, however, that the WP is “a bit of a mess esp with the court cases hanging over them.”

Another commenter, however, pointed out that there are also conservatives among the WP.

Dennis Tan (Hougang SMC), WP vice chair Faisal Manap and Gerald Giam (Aljunied GRC) are known to be more conservative in their views. /TISG

Read also: Singaporeans slam netizen who mocks local activists as “woke SJWs”