ALSO READSingapore shuts Falcon bank unit, fines DBS and UBS over 1MDB Singapore central bank says no Singapore bank received 1MDB bond proceeds Singapore says no Singapore bank received 1MDB bond proceeds Singapore c.bank examining Goldman on work related to 1MDB bond deals Singapore aims for MOU with Malaysia on high-speed rail next week
SINGAPORE (Reuters) - Singapore's central bank said on Friday it imposed penalties on the local units of Standard Chartered Bank and Coutts for money laundering breaches related to Malaysia's scandal-tainted 1MDB fund.
The penalties are S$5.2 million ($3.65 million)and S$2.4 million, respectively.
The Monetary Authority of Singapore has also served notice of its intention to issue a prohibition order against Tim Leissner, a former director and representative of Goldman Sachs Singapore.
The proposed order will prohibit Leissner for a period of 10 years from performing any regulated activity under the Securities Future Act or taking part, directly or indirectly, in the management of any capital market services firm in Singapore.
The central bank said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.
($1 = 1.4250 Singapore dollars)
(Reporting by Marius Zaharia; Editing by Michael Perry)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)