Singapore fines Credit Suisse, UOB

Singapore has so far imposed a total of S$29.1 million in financial penalties on eight banks

Singapore fined Credit Suisse Group and United Overseas Bank (UOB) a total of S$1.6 million ($1.2 million) as regulators completed a two-year review of banks involved in fund flows linked to 1Malaysia Development Bhd(1MDB).

Credit Suisse was fined S$700,000 while UOB has to pay S$900,000 for breaches of anti-money laundering requirements and control lapses, the Monetary Authority of Singapore said in a statement on Tuesday. The regulator also issued lifetime bans against former employees of Falcon Private Bank and BSI Bank, which were shut down in Singapore last year.

“The two-year-long 1MDB-related review holds key lessons for both MAS and financial institutions