Goldman Fined $350 Million by Hong Kong Over 1MDB Scandal
Photographer: Richard A Brooks/AFP via Getty Images
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Goldman Sachs Group Inc.’s Asian unit was fined $350 million by Hong Kong’s financial regulator over its role in Malaysia’s 1MDB investment-fund scandal.
The U.S. bank was “reprimanded” for “serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls,” the Securities and Futures Commission said in a statement. Goldman Sachs Asia’s acceptance of the SFC’s findings and disciplinary action facilitated an early resolution of the matter, it said.