July 21 2016
MAS’ findings to-date on the lapses and weaknesses in Singapore-based FIs in managing 1MDB-related flows are summarised below. The FIs include banks, capital market intermediaries, and a remittance agent.
BSI Bank Limited Singapore (BSI Bank) / DBS Bank Ltd (DBS), Standard Chartered Bank, Singapore Branch (SCB), and UBS AG, Singapore Branch (UBS)
The deficiencies observed in DBS, SCB and UBS related to lapses in specific processes and by individual officers. The lapses were serious in their own right, and will be met by firm regulatory actions against the banks. However, the MAS’ inspections did not reveal pervasive control weaknesses or staff misconduct within these banks, unlike in the case of BSI Bank.
