25 Dec '16, 7am

1MDB a big test for Singapore’s private banking (STS) https://t.co/JPtUGT5CbE

Straits Times Singapore DEC 23, 2016 1MDB is the scandal that keeps on taking. Having crippled institutional and political trust in Malaysia, brought down senior figures across the Middle East and triggered intensive investigations from Switzerland to the US, it has now given Singapore’s private banking industry its greatest test in a generation. On Oct 11, the Monetary Authority of Singapore (MAS) threw Falcon Bank out of the country – the second bank to be closed down over 1MDB connections, after BSI in May. It fined DBS $1 million and UBS $1.3 million for breaches of anti-money-laundering requirements and control lapses. Standard Chartered Singapore was fined $5.2 million and Coutts Singapore $2.4 million. Insiders say that the level of scrutiny private banks in Singapore receive from MAS, already high, is escalating, and that this is far more relevant than the fines. M...

Full article: http://blog.limkitsiang.com/2016/12/25/1mdb-a-big-test-fo...

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