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Standard Chartered Bank, Coutts fined by MAS over 1MDB fund breaches

4 Dec 2016 13:12:02

todayonline.com

After 21 months, the Republic’s probe into transactions related to scandal-hit Malaysian state investment fund 1MDB are almost complete. On Friday (Dec 2), the Monetary Authority of Singapore (MAS) said a final update will be provided early next year, as it announced multi-million-dollar fines against the Singapore branches of Standard Chartered Bank and private bank Coutts in its latest sanctions arising from the probe.


A prominent banker, formerly a director of Goldman Sachs, was also sanctioned, with MAS seeking to ban him from conducting activities under the Securities and Futures Act or managing any capital market services firm in Singapore for 10 years.


Read full story: todayonline.com

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