, Columnist
Singapore's Puny 1MDB Fine Won't Fool Credit Suisse
The city-state is putting considerable regulatory pressure on private banks to beef up their processes.
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Tidjane Thiam got away with a fine of half a million dollars, or just 0.009 percent of what he paid the Americans late last year. Yet the Credit Suisse Group AG CEO won't be fooled by Singapore's apparent leniency.
Tuesday's gentle rap concludes a two-year investigation by the city-state into banks that, knowingly or otherwise, helped facilitate an elaborate scheme in which billions of dollars were allegedly looted from a Malaysian state investment firm and laundered.