31 May '17, 4am

MAS caps 2-year extensive probe into 1MDB fund flows - Anita Gabriel (Business Times, Singapore)

Anita Gabriel Business Times, Singapore May 31, 2017 THE Monetary Authority of Singapore ended its “most extensive” ever two-year check on banks involved in the illicit fund flows of 1Malaysia Development Berhad (1MDB) with two more banks getting the rap, bringing the total number of banks here to eight that have been stung in various degrees by the Malaysian scandal. The last two banks, Credit Suisse and United Overseas Bank (UOB), were fined S$700,000 and S$900,000 for seven and nine breaches of anti-money laundering (AML) rules, respectively, with MAS noting however that none had “pervasive” control weaknesses. Their fines are also the lowest among the banks that were earlier hit with financial penalties that ranged between S$1 million (DBS Bank) and S$13.3 million (BSI Bank) as a result of MAS’ scrutiny into 1MDB-related money flows within the financial system here tha...

Full article: https://blog.limkitsiang.com/2017/05/31/mas-caps-2-year-e...

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