The ChargesTWO senior private bankers of Swiss bank BSI Bank Ltd in Singapore were slapped with a total of 14 charges on Oct 10, 2016, for allegedly being involved in illegal transactions of large amounts of money that originated from 1Malaysia Development Bhd (1MDB). Yak and Seah were identified as a managing director and director of BSI Singapore respectively. MAS also fined Swiss bank UBS and Singapore’s DBS Bank S$1.3 million and S$1.0 million respectively for various breaches under the Prevention of Money Laundering and Countering the Financing of Terrorism guidelines. He failed to report the suspicious transfer of US$153 million on Nov 2, 2012, from Good Star Ltd (bank account 11116073 with Coutts & Co AG, Zurich) to Abu Dhabi-Kuwait-Malaysia Investment Corporation (ADKMIC) (bank account 6C02901 with BSI Bank Ltd, Singapore). The seven charges against SeahShe was charged for aiding Yak in Charges 1 and 2 and also faces Charges 3 to 6.

Source: The Edge Markets November 03, 2016 10:00 UTC