It was the first time 1MDB, or 1Malaysia Development Bhd, has been mentioned by the Singapore authorities in official statements about the money laundering investigation. There was also undue delay in detecting and reporting suspicious transactions," the Monetary Authority of Singapore (MAS) aid in a statement. UBS said it "self-reported the suspicious transactions" and is working closely with regulators. The statement from Singapore authorities also mentioned Singapore-based Raffles Money Change, a money changer and remittance agent, which was found to have inadequate risk management and oversight. Under Singapore law, the banks could face fines or other penalties, and individuals directly involved could face prosecution.

Source: Thanhnien News July 21, 2016 08:26 UTC