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Singapore central bank imposes penalties on StanChart, Coutts in 1MDB-related probe

Reuters  |  SINGAPORE 

(Reuters) - Singapore's central said on Friday it imposed penalties on the local units of 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 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 said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.

($1 = 1.4250 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.)

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Singapore central bank imposes penalties on StanChart, Coutts in 1MDB-related probe

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.

(Reuters) - Singapore's central said on Friday it imposed penalties on the local units of 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 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 said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.

($1 = 1.4250 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.)

image
Business Standard
177 22

Singapore central bank imposes penalties on StanChart, Coutts in 1MDB-related probe

(Reuters) - Singapore's central said on Friday it imposed penalties on the local units of 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 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 said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.

($1 = 1.4250 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.)

image
Business Standard
177 22

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