United Overseas Bank (SGX:U11) was fined SG$5.6 million by the Monetary Authority of Singapore (MAS) over anti-money laundering related breaches, according to a Friday filing with the Singapore Exchange.
Shares of the bank were up nearly 1% in recent trading.
UOB accepted the decision and reaffirmed its commitment to comply with regulatory requirements.
The company says that it has been acting on its internal deficiencies, which were pointed out during an internal review, and has enhanced its processes in hindsight.
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