MAS says 1MDB-linked penalties heavy enough

SINGAPORE (June 29): The penalties Singapore handed out in relation to its probe into 1Malaysia Development Bhd-related fund flows were strong enough to send "deterrent" signals, said its regulatory chief.

The fines were in line with domestic legislation, Monetary Authority of Singapore Managing Director Ravi Menon told reporters at a briefing on Thursday, when asked if the penalties had been too light.

Following a two-year review into 1MDB, Singapore imposed a total of $29.1 million in financial penalties on eight banks, including DBS Group Holdings, the country's largest. The MAS also issued orders banning four former bank employees from financial activities, and has notified another three individuals of its intention for similar action.

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