Singapore kicks out Swiss bank linked to Malaysia's 1MDB

GMT 06:22 2016 Tuesday ,24 May

Arab Today, arab today Singapore kicks out Swiss bank linked to Malaysia's 1MDB

Singapore - Arab Today

Singapore's central bank on Tuesday said it has ordered the closure of the local branch of Swiss bank BSI, which has been linked to a scandal at Malaysia's troubled state fund 1MDB.

"The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff," the regulator said in a statement.

"In addition, MAS has referred to the public prosecutor the names of six members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences."

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