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Singapore's central bank ends 1MDB review, penalises Credit Suisse, UOB

May 30 Singapore's central bank said on Tuesday that it has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB) after completing its two-year review of banks involved in 1MDB-related transactions.

 

It fined Credit Suisse S$700,000 ($504,950) and UOB S$900,000. It has previously imposed fines on other banks.

 

Malaysia's 1MDB, once a pet project of Prime Minister Najib Razak who chaired its advisory board, is the subject of money-laundering investigations in at least six countries including Switzerland, Singapore, and the United States.

 

The Monetary Authority of Singapore said in a statement on Tuesday that its latest inspections of the two banks revealed several breaches of anti-money laundering requirements and control lapses.

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