DBS Group, Singapore’s largest bank, has set aside $74 million (S$100 million) in allowances related to the city-state’s $2 billion money laundering scandal. The specific allowances of S$197 million are higher than previous quarters, reflecting provisions for exposure linked to the suspected money laundering case, one of Singapore’s largest ever. The scandal has led to increased scrutiny by banks, and DBS CEO Piyush Gupta stated that he does not foresee a decline in funds flowing into the financial hub despite the controversy. DBS reported an 18% increase in third-quarter net profit, beating expectations, driven by higher interest rates. The bank expects to maintain its record 2023 level of net profit in 2024, benefiting from higher interest rates and a solid balance sheet. The money laundering scandal has resulted in the freezing or seizure of around S$2.8 billion in assets, including 150 properties linked to Chinese-born customers suspected of being connected to overseas online gambling rings. The bank has also faced regulatory restrictions on acquiring new businesses or making non-essential IT changes for six months to focus on strengthening digital banking services.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}