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Monetary Authority of Singapore
The Singaporean regulator has stripped Apical Asset Management Pte of its capital markets licence because of “serious breaches” of anti-money laundering laws. 

The Monetary Authority of Singapore also reprimanded AAMPL’s chief executive and director Yeh Yin Yee and director Bernard Kan Cheok Yin for failing to discharge their duties and functions of ensuring that AAMPL complies with all laws and rules governing its operations.  

The watchdog said its inspection of the firm uncovered “severe deficiencies” in its AML and counter-terrorism controls from 2013 to 2018. 

AAMPL did not have basic AML/CFT policies and procedures in place, which exposed AAMPL to the risk of receiving and/or laundering the proceeds of crime. This risk was heightened in view of the complex ownership structures, comprising multiple layers and investment entities, used by some of AAMPL’s customers, the regulator said in a statement earlier this week. 

“AAMPL’s lack of basic AML/CFT controls despite the heightened ML/TF risks posed by its clients’ use of complex investment structures was an unacceptable failing warranting licence revocation. MAS will not hesitate to take appropriate action against FIs whose policies and controls clearly fail to address the ML/TF risks in their business activities. Board and senior management who fall short in their duties will also be taken to task,” Loo Siew Yee, assistant managing director (Policy, Payments and Financial Crime), MAS, said.

Malaysia 
A court in Malaysia has sentenced former Prime Minister Najib Razak to 12 years in jail after convicting him on all seven counts in the first of several multi-million dollar corruption trials. The sentencing follows his conviction, as reported by this publication earlier in the week.

Najib had pleaded not guilty to the charges of criminal breach of trust, money laundering and abuse of power. He was accused of personally profiting from money extracted from the 1MDB fund created by the Malaysian government.

The former PM was kicked out of power in May 2018 in a national election in which the corruption of government was a central issue.

Najib, in office from 2009 to 2018, was sentenced to 12 years in prison for abuse of power, and 10 years in jail for each of six counts of money laundering and breach of trust.

The sentences - to run concurrently - will be suspended pending appeal, reports by BBC and other media said.