MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. The DBS fine is one of the largest issued by MAS for such breaches. "Although the breaches were serious, MAS did not find wilful misconduct by any staff of these FIs (financial institutions)," MAS said in a statement, adding that the institutions took "prompt remedial actions." Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements.