MAS scrutinizing UBS, DBS if they broke money laundering rules
linked to scandal-hit 1MDB, three people with knowledge of the matter said
whether diligent enough who their customers were and source of funds
whether diligent enough who their customers were and source of funds
whether careful in screening politically-exposed persons
could lead to fines and penalties if lapses found
Falcon Bank, Coutts International owned by Union Bancaire Privee under review
UBS, Coutts, DBS Singapore's top lender, all declined to comment.
Falcon is owned by Abu Dhabi's International Petroleum Investment Company (IPIC)
Falcon is owned by Abu Dhabi's International Petroleum Investment Company (IPIC)
MAS will make announcement on punitive action against them
Singapore faces pressure to comply with (intn'l) anti-money laundering rules
US imposed hefty fines for money laundering, Asian regulators slow to act
important for S'pore to take action against private banking for money laundering
MAS spokeswoman said "as part of its investigations into possible money-laundering and other offences in Singapore, it has been conducting a thorough review of various transactions as well as fund flows through our banking system."
latest probes follow closing down of BSI in S'pore for money laundering
latest probes follow closing down of BSI in S'pore for money laundering
MAS said gross misconduct by BSI, poor management oversight
FINMA said BSI money laundering linked to corruption surrounding 1MDB
MAS imposed US$9.9 million fine on BSI
same day Swiss seized US$97 million of BSI’s profits
Malaysian companies and banks linked to 1MDB are at the center of corruption and money laundering probes that have led investigators to look at transactions and financial relationships across the globe - from Malaysia to Singapore and the Seychelles, from Abu Dhabi to offshore companies in the Caribbean, and from the United States to Switzerland.
Probes are being conducted by authorities in the United States, Switzerland, Luxembourg, Singapore, and United Arab Emirates.
One of the sources said DBS had identified certain questionable financial activities and had voluntarily reported them to the relevant authorities. Reuters couldn’t determine what those activities were.
1MDB founded by Najib Razak in September 2009
Najib chairman of 1MDB's advisory board
Malaysia's AG cleared Najib of any corruption or criminal offences
He said US$681m in Najib's personal account was a gift (Ha ha ha)
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