SINGAPORE FINES BANKS OVER AML FAILURES REGARDING MALAYSIA’S 1MDB
December 1st, 2016
THE REGULATORY net has tightened further on controversial Malaysian government-owned development fund 1MDB, with Singapore’s central bank fining two major banks over breaches of anti-money laundering (AML) rules associated with its deals.
Standard Chartered Bank, Singapore Branch (SCB) has been ordered to pay Singapore dollars SGD5.2 million (USD3.6 million) and Coutts & Co Ltd’s Singapore branch SGD2.4 million (USD1,7 million) for breaches of Monetary Authority of Singapore (MAS) AML requirements. “These breaches occurred in the context of ...
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