Posted by administrator on 12 Oct 2016 12:42:47
Did Swiss Falcon Bank flout any money laundering controls? The Regulators say yes. They claim that Falcon persistently flouted money laundering controls. At the same time DBS Bank and UBS Banks received fines for separate lapses. These lapses were seen as non pervasive.
The Singapore Monetary Authority of Singapore MAS, Singapore's central bank has now shut down a second Swiss bank that has been linked to Malaysian state fund 1MDB and is under investigation for alleged money laundering activities linked the 1MBD Malaysian Fund.
Singapore Monetary Authority of Singapore said this “The control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively" It also said that it did not find “pervasive control weaknesses” in these banks.
DBS was ordered to pay Sg$1m (£593,000/US$730,000) for 10 violations while UBS was ordered to pay Sg$1.3m for 13 violations.
Singapore Monetary Authority of Singapore removed Swiss Bank BSI for similar violations. This is the first time that MAS has ordered a bank to shut in the past 32 years.
Singapore has launched a probe into money laundering and fund flows linked to 1MDB.
The 1MDB was founded by Malaysian Prime Minister Najib Razaj who has been embroiled in the scandal internationally but has denied any wrongdoing.
For the everyday people, how have these banks helped employment rates. How have the banks brought in money or jobs to the country?