SINGAPORE (March 13): The Monetary Authority of Singapore plans to slap lifetime ban on two former private bankers for their roles in helping money transfers linked to scandal-hit 1Malaysia Development Bhd. They are Jens Fred Sturzenegger, former branch manager of Falcon Private Bank Singapore branch (Falcon Bank) and Yak Yew Chee, Jho Low’s relationship manager. (See also: Former Falcon Bank branch manager Jens Sturzenegger jailed, fined for 1MDB-linked offences)Yak, on the other hand, was the key contact to both Low and Low’s father, Larry Low Hock Peng at BSI. (See also: Jho Low’s former private banker Yak Yew Chee jailed, fined)Yvonne Seah, Yak’s long-time colleague and subordinate, faces a 15 year ban for her part in helping Yak. Back in December, MAS has already notified Leissner about the intention to ban him from operating in the financial industry here.

Source: The Edge Markets March 13, 2017 07:30 UTC