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Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them. They also added that bank accounts which belong to several individuals have been seized and dealings in properties belonging to these individuals have also been curtailed. These assets amount to S$240 million.

“Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them.”

~ Monetary Authority of Singapore

The MAS said the deficiencies at the banks were related to lapses in specific processes and by individual officers which would be met by the firm regulatory action. MAS also mentioned that the inspections did not find any pervasive weakness or staff misconduct.

Related Reports: MAS, CNBC

 


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