The financial penalty imposed on Coutts pertain to 24 breaches of the AML regulations. He was a representative of Goldman Sachs Singapore from 2002 to 2016, and was also a director of the financial institution from 2007 to 2001. MAS explains that Leissner was found to have issued an unauthorised reference letter, using the letterhead of Goldman Sachs, to a financial institution based in Luxembourg in June 2015. These statements were untrue and were made by Mr Leissner without Goldman Sachs’ knowledge or consent,” adds the central bank. “At that time, we promptly took steps to separate Mr. Leissner from the firm and reported the matter to regulatory authorities in several jurisdictions, including Singapore.

Source: The Edge Markets December 02, 2016 03:28 UTC