DBS too comes under MAS anti-money laundering probe

SINGAPORE (July 18): DBS Group is also under scrutiny by the Monetary Authority of Singapore (MAS) to determine whether it broke anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB, three people with knowledge of the matter said. UBS, Coutts International and Switzerland's Falcon Private Bank are among the other banks being examined.

The MAS is looking at several aspects of the banks' operations including whether they were diligent enough in knowing who their customers were and what the source of their funds was, and whether they were particularly careful in screening politically-exposed persons such as government officials, said banking and legal sources aware of the review.

The probe could lead to fines and other penalties if lapses are found, said the sources who declined to be identified due to the sensitivity of the matter. It is unclear which transactions by the banks are being examined.

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