MAS Fines Ten Banks $21 Million for Breaching Anti-Money Laundering Rules

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MAS Fines Ten Banks $21 Million for Breaching Anti-Money Laundering Rules

Postby kreslik.news » Mon May 29, 2017 8:56 am


Singapore’s central bank has announced having fined both Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million). The banks were found guilty of breaches of anti-money laundering rules in transactions that were connected to the Malaysian state fund 1MDB scandal.

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The Monetary Authority of Singapore (MAS) fined Credit Suisse S$700,000 ($504,347) and UOB S$900,000 ($648,437) following the conclusion of a two year long investigation which revealed several control lapses and the aforementioned anti-money laundering related breaches. The MAS has fined eight additional banks for similar transgressions, collecting from ... (read more)

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