KUALA LUMPUR: The Monetary Authority of Singapore (MAS) has completed its two-year review of banks involved in 1MDB-related transactions known to-date. Regulatory actions against Credit Suisse and UOBMAS has completed the series of bank inspections targeted at 1MDB-related fund flows known to-date. The latest inspections of Credit Suisse and UOB revealed several breaches of anti-money laundering (AML) requirements and control lapses. MAS has also instructed the management of Credit Suisse and UOB to take disciplinary measures, where appropriate, against errant staff. ConclusionMr Ravi Menon, Managing Director, MAS, said, “The two-year long 1MDB-related review holds key lessons for both MAS and financial institutions in Singapore.

Source: The Star May 30, 2017 01:30 UTC