1MDB-linked former private bankers to face lifetime ban

SINGAPORE (March 13): The Monetary Authority of Singapore plans to slap lifetime ban on two former private bankers for their roles in helping money transfers linked to scandal-hit 1Malaysia Development Berhad.

They are Jens Fred Sturzenegger, former branch manager of Falcon Private Bank Singapore branch (Falcon Bank) and Yak Yew Chee, Jho Low’s relationship manager.

“As Branch Manager, Mr Sturzenegger was responsible for ensuring the sound management of Falcon Bank and its compliance with regulations, notices and directives issued by MAS, as well as any other relevant laws and regulations,” states MAS.

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