Vistra said it has remediated the problems, as demonstrated via a third-party review. The Monetary Authority of Singapore has slapped a S$1.1 million ($816,970) penalty on Vistra Trust (Singapore) Pte Ltd for not complying with anti-money laundering and counter-terrorism finance rules. An MAS inspection carried out from April 2019 to June of that year uncovered "serious breaches" of MAS' AML/CFT requirements for trust companies by VTSPL, placing it at "a higher risk of being used as a conduit for illicit activities," the watchdog said in a statement yesterday. VTSPL has paid the penalty and taken remedial actions to address the risk management deficiencies that led to the breaches, MAS said. The failures were particularly in relation to higher risk trust relevant parties, such as the settlor, the beneficiary, the trustee, and any person who has power over the disposition of a trust property," the regulator said.