Singapore Fines Credit Suisse, UOB
World Economy

Singapore Fines Credit Suisse, UOB

Singapore said Tuesday it had fined Credit Suisse and a local lender for breaches of the city-state’s anti-money laundering laws relating to a corruption scandal at Malaysian state fund 1MDB.
The Monetary Authority of Singapore, the country’s central bank, said it also imposed lifetime bans on two bankers and a 15-year prohibition order on a third following a two-year review of lenders involved in 1MDB-related transactions, AFP reported.
The Swiss giant was fined S$700,000 ($505,000) and United Overseas Bank was penalized S$900,000 for breaching anti-money laundering laws and for control lapses related to fund flows involving 1MDB, the MAS said in a statement.
“These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities,” the statement said, adding however that MAS did not detect “pervasive control weaknesses within” the two banks.
MAS also directed the banks “to appoint independent parties to assess and confirm... that rectification measures have been effectively implemented” and punish errant staff.
Allegations that huge sums were misappropriated from 1MDB triggered a scandal in Malaysia that has embroiled Prime Minister Najib Razak, though he has denied any wrongdoing.
Singapore, a regional financial center known for its tough stance against corruption, launched a probe following allegations that its financial system was used to move illicit funds.
Four private bankers have been jailed so far as Singapore became the first country to hand down criminal convictions related to the 1MDB investigations.
The United States and Switzerland have also launched their own probes.
Two bankers, including Swiss national Jens Fred Sturzenegger, were slapped with lifetime bans from doing business in Singapore’s financial industry and a third was banned for 15 years, the central bank said.


Short URL : https://goo.gl/ext37r
  1. https://goo.gl/1rdBQ6
  • https://goo.gl/tIL6kN
  • https://goo.gl/5d5Ys3
  • https://goo.gl/aTtjPL
  • https://goo.gl/ETJZNP

You can also read ...

Riyadh Going After  Non-Arrested Princes
Political analyst Jamal Khashoggi has said that Saudi Arabia...
Wage growth in Australia has fallen  dramatically in recent years.
The Reserve Bank of Australia says relentless cost cutting by...
No Sign Philippines Economy Overheating
The chief of the Bangko Sentral ng Pilipinas said the...
Shadow financing is seen as one of the culprits behind China’s property-price surge, and regulators have banned  private-equity lending to developers for land purchases.
China’s drive to reduce its debt burden has shifted into a...
China’s Tencent Overtakes Facebook in Market Value
China’s social media and video game giant Tencent overtook...
Confidence in Afghanistan’s Future Rising Slowly
Afghanistan’s economy is expected to grow 2.6% this year, up...
Malaysia Growth Robust
Malaysia’s economy should continue to grow at a decent pace...
The global economy is enjoying a strong and broad-based recovery, and will grow even faster in 2018.
The robust health of the global economy has received...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.