Singapore central bank imposes penalties on StanChart, Coutts in 1MDB-related probe

Source : REUTERS
Last Updated: Fri, Dec 02, 2016 09:51 hrs
File photo of a Standard Chartered bank branch in Singapore

SINGAPORE  - Singapore's central bank said on Friday it imposed penalties on the local units of Standard Chartered Bank and Coutts for money laundering breaches related to Malaysia's scandal-tainted 1MDB fund.

The penalties are S$5.2 million ($3.65 million)and S$2.4 million, respectively.

The Monetary Authority of Singapore has also served notice of its intention to issue a prohibition order against Tim Leissner, a former director and representative of Goldman Sachs Singapore.

The proposed order will prohibit Leissner for a period of 10 years from performing any regulated activity under the Securities Future Act or taking part, directly or indirectly, in the management of any capital market services firm in Singapore.

The central bank said it was nearing the end of its 1MDB-related investigations and will provide a final update early next year.

($1 = 1.4250 Singapore dollars)




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