SINGAPORE (May 30): The Monetary Authority of Singapore (MAS) is imposing a total of $1.6 million in financial penalties on Credit Suisse and United Overseas Bank (UOB), having completed its two-year review of banks involved in the transactions related to 1Malaysia Development Berhad (1MDB).

Credit Suisse faces financial penalties amounting to $0.7 million, while $0.9 million of financial penalties have been imposed on UOB.

In a Tuesday statement, MAS says its latest inspections of the two banks revealed several breaches of anti-money laundering (AML) requirements and control lapses, including weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook