Singapore’s central bank on Tuesday said it has fined Credit Suisse and United Overseas Bank (UOB) for breaches relating to the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).

The Monetary Authority of Singapore (MAS) said in a statement that it has imposed a 700,000 Singapore dollars financial penalty on Credit Suisse and a 900,000 Singapore dollars fine on UOB. The two banks were found to have breached several anti-money laundering requirements.

In addition, the MAS has also issued Prohibition Orders against three individuals and served notice of intention to take the same action against three others.

— This story is developing. Please check back for updates

Source

NO COMMENTS