1MDB scandal: MAS fines UOB and Credit Suisse

The Straits Times/31 May 2017

The Monetary Authority of Singapore (MAS) has fined United Overseas Bank (UOB) and Switzerland’s Credit Suisse Group for their role in handling transactions linked to 1Malaysia Development Berhad (1MDB).

UOB was fined $900,000, while Credit Suisse had to cough up $700,000 – both for breaches of anti-money laundering requirements and control lapses.

The fines announced yesterday mean that $29.1 million in penalties has been imposed on eight banks since the two-year probe began of 1MDB-related transactions.

The regulator also issued prohibition orders against three convicted former employees of Falcon Private Bank and BSI Bank. Lifetime bans, which took effect on Monday, were slapped on former Falcon Singapore branch manager Jens Sturzenegger and former BSI banker Yak Yew Chee.

A 15-year ban was imposed on former BSI banker Yvonne Seah Yew Foong, now known as Seah Mei Ying.

Former Goldman Sachs Group banker Tim Leissner was banned for 10 years in March over breaches linked to 1MDB.

MAS also intends to impose prohibition orders on three others – former Maybank Kim Eng Securities remisier Kelvin Ang Wee Keng, NRA Capital chief executive Kevin Scully and NRA’s former head of research Lee Chee Waiy.

News Source: The Straits Times