Singapore: MAS imposes penalties on Standard Chartered and Coutts for 1MDB-related breaches

Author(s): Rupali Karekar | Date: December 2, 2016 | Language: English
Source: http://www.straitstimes.com/ | URL: https://goo.gl/BJUyeY | Type: Text

The Monetary Authority of Singapore (MAS) has imposed multi-million dollar fines on the Singapore branches of Standard Chartered bank and Coutts & Co for breaching anti-money laundering regulations in relation to 1MDB-related fund flows through these banks, it said in a release on Friday (Dec 2).
StanChart was fined S$5.2 million and Coutts was fined S$2.4 million.
MAS said it also intends to issue a 10-year prohibition order against former Goldman Sachs director Tim Leissner for making false statements on behalf of the bank without its knowledge or consent.
Mr Leissner had overall responsibility for managing the relationship with state-owned 1 Malaysia Development Berhad (1MDB) when Goldman Sachs was engaged by 1MDB to arrange three bond issuances from 2012 to 2013.

This is a text block. Click the edit button to change this text..

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*