Singapore orders bank closure and fines over 1MDB links

Singapore orders bank closure and fines over 1MDB links
 

The Monetary Authority of Singapore has ordered a Swiss merchant bank to close and fined two other banks for breaching anti-money laundering controls.
The action follows an investigation into money flows linked to the Malaysian state investment fund 1MDB.
Falcon Bank will lose its merchant bank status in Singapore. Its branch manager was arrested last week.
South East Asia's biggest bank DBS has been fined S$1m (US$726,000; £589,000) while UBS will have to pay S$1.3m.
Malaysian PM under pressure over 1MDB scandal 1MDB: The case that's riveting Malaysia The US v The Wolf of Wall Street... read more

 
11 October 2016 in Business, Views: 38
Source: BBC
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