Singapore Fines Credit Suisse, UOB After 1MDB-Linked Probe
- Credit Suisse to pay S$700,000; UOB gets S$900,000 penalty
- Lifetime prohibition orders for ex-Falcon, ex-BSI employees
Singapore Fines Credit Suisse, UOB Over 1MDB
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Singapore fined Credit Suisse Group AG and United Overseas Bank Ltd. a total of S$1.6 million ($1.2 million) as regulators completed a two-year review of banks involved in fund flows linked to 1Malaysia Development Bhd., or 1MDB.
Credit Suisse was fined S$700,000 while UOB has to pay S$900,000 for breaches of anti-money laundering requirements and control lapses, the Monetary Authority of Singapore said in a statement Tuesday. The regulator also issued lifetime bans against former employees of Falcon Private Bank Ltd. and BSI Bank Ltd., which were shut down in Singapore last year.