TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Singapore fines banks for 1MDB Fund links
Change Size
State investment fund 1 Malaysia Development Berhad's (1MDB) Tun Razak Exchange development site is pictured in Kuala Lumpur, Malaysia, May 14, 2015. (AP/Joshua Paul)
S
ingapore regulators have announced fines amounting to over US$5.3 million for two banks that were found to have breached money laundering rules in dealings with an indebted Malaysian state fund.
The Monetary Authority of Singapore on Friday fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars ($3.6 million) for "significant lapses" in customer due diligence measures and controls.
Regulators also fined the Singapore branch of private bank Coutts 2.4 million Singapore dollars ($1.7 million) for inadequate customer due diligence on "politically exposed persons." Coutts is winding down its Singapore operations.
Singapore's actions result from findings of a multinational probe into allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from 1MDB, or 1Malaysia Development Bhd.
