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Singapore fines banks for 1MDB Fund links

AP  |  Singapore 

regulators have announced fines amounting to over USD 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 today fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million dollars (USD 3.6 million) for "significant lapses" in customer due diligence measures and controls.



Regulators also fined the branch of private Coutts 2.4 million dollars (USD 1.7 million) for inadequate customer due diligence on "politically exposed persons." Coutts is winding down its 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 USD 1 billion from 1MDB, or 1Malaysia Development Bhd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Singapore fines banks for 1MDB Fund links

Singapore regulators have announced fines amounting to over USD 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 today fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars (USD 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 (USD 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 USD 1 billion from 1MDB, or 1Malaysia Development Bhd. regulators have announced fines amounting to over USD 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 today fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million dollars (USD 3.6 million) for "significant lapses" in customer due diligence measures and controls.

Regulators also fined the branch of private Coutts 2.4 million dollars (USD 1.7 million) for inadequate customer due diligence on "politically exposed persons." Coutts is winding down its 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 USD 1 billion from 1MDB, or 1Malaysia Development Bhd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
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Singapore fines banks for 1MDB Fund links

regulators have announced fines amounting to over USD 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 today fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million dollars (USD 3.6 million) for "significant lapses" in customer due diligence measures and controls.

Regulators also fined the branch of private Coutts 2.4 million dollars (USD 1.7 million) for inadequate customer due diligence on "politically exposed persons." Coutts is winding down its 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 USD 1 billion from 1MDB, or 1Malaysia Development Bhd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22