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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published April 9, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Soc-Gen mum on status of employee
Bank won't comment on action taken against RM while investigation is on
By SIOW LI SEN
(SINGAPORE) Societe-Generale Private Bank has declined to reveal the status of the relationship manager (RM) involved with the 'anomalies' in a client account here.
When BT asked if any action had been taken against the employee, a spokeswoman for the French private bank said she could not 'comment more than what has been said so far' while investigations are ongoing.
For its part, the Monetary Authority of Singapore (MAS) has a policy of not commenting on its specific dealings with financial institutions.
When asked about its supervisory powers and Singapore's financial centre reputation, an MAS spokeswoman said the authority does administer sanctions if breaches have been found.
Last month, there was also a report that DBS Bank had done business in the past with a Ukraine cyber crook, unaware that it was a rogue company. The bank subsequently closed the company's account in 2008.
'Financial institutions are expected to inform MAS promptly of any unusual or unexpected events,' said the MAS spokeswoman.
'After assessing the facts, MAS has the powers to direct financial institutions to take specific remedial actions to strengthen controls and risk management practices, and if appropriate, administer sanctions ranging from a letter of reprimand to restrictions of activities and fines for regulatory breaches.'
Societe-Generale is probing anomalies discovered in a client account overseen by one of its private bankers in Singapore. The Paris-based bank found the irregularities in the account in February, and immediately informed clients who might be affected and began an internal audit. It also informed MAS.
Bankers said the latest incident does affect Singapore's image as a squeaky-clean financial centre, but only a bit. 'Singapore has a pretty solid reputation for its regulatory framework,' said the spokesman for a US-based private bank in Singapore. '(But) at the end of the day, you can't control everything.'
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Soc-Gen mum on status of employee
Bank won't comment on action taken against RM while investigation is on
By SIOW LI SEN
(SINGAPORE) Societe-Generale Private Bank has declined to reveal the status of the relationship manager (RM) involved with the 'anomalies' in a client account here.
When BT asked if any action had been taken against the employee, a spokeswoman for the French private bank said she could not 'comment more than what has been said so far' while investigations are ongoing.
For its part, the Monetary Authority of Singapore (MAS) has a policy of not commenting on its specific dealings with financial institutions.
When asked about its supervisory powers and Singapore's financial centre reputation, an MAS spokeswoman said the authority does administer sanctions if breaches have been found.
Last month, there was also a report that DBS Bank had done business in the past with a Ukraine cyber crook, unaware that it was a rogue company. The bank subsequently closed the company's account in 2008.
'Financial institutions are expected to inform MAS promptly of any unusual or unexpected events,' said the MAS spokeswoman.
'After assessing the facts, MAS has the powers to direct financial institutions to take specific remedial actions to strengthen controls and risk management practices, and if appropriate, administer sanctions ranging from a letter of reprimand to restrictions of activities and fines for regulatory breaches.'
Societe-Generale is probing anomalies discovered in a client account overseen by one of its private bankers in Singapore. The Paris-based bank found the irregularities in the account in February, and immediately informed clients who might be affected and began an internal audit. It also informed MAS.
Bankers said the latest incident does affect Singapore's image as a squeaky-clean financial centre, but only a bit. 'Singapore has a pretty solid reputation for its regulatory framework,' said the spokesman for a US-based private bank in Singapore. '(But) at the end of the day, you can't control everything.'
</TD></TR></TBODY></TABLE>
