SINGAPORE—Singapore’s central bank said on Tuesday it would withdraw the license of a Swiss private bank operating in the city-state and fine two large banks, the latest in a wave of coordinated moves by global regulators to close in on fund flows related to alleged corruption at Malaysian state fund 1Malaysia Development Bhd., or 1MDB.
The Monetary Authority of Singapore said it would fine DBS Bank Ltd. and UBS Group AG’s Singapore branch 1 million Singapore dollars (US$726,126) and S$1.3 million, respectively, for failures in anti-money-laundering controls relating to their handling of 1MDB fund flows.
The central bank said it would also withdraw the merchant banking license of Falcon Private Bank Ltd’s Singapore branch for what it called “persistent and severe lack of understanding” of its regulations, and fined it S$4.3 million. MAS said it understands the branch manager, Jens Sturzenegger, was arrested by Singapore police earlier this month in connection with the 1MDB matter. Mr. Sturzenegger couldn’t be immediately reached for comment and it isn’t clear if he is represented by a lawyer.
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Heads keep rolling - 1MDB keeps giving. WSJ clip
Heads keep rolling - 1MDB keeps giving. WSJ clip
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
Re: Heads keep rolling - 1MDB keeps giving. WSJ clip
If you thought you were going to open a new bank account here (soon) without 3 letters of referral from upstanding citizens, a letter from an MP and a fat deposit accompanied by a foot high stack of paper you're kidding yourself. The real losers in this are the simple retail bank clients as far as I see it.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
Re: Heads keep rolling - 1MDB keeps giving. WSJ clip
Surely more impact if DBS and USB had had some measures taken against them instead of the paltry fine ....PNGMK wrote: The Monetary Authority of Singapore said it would fine DBS Bank Ltd. and UBS Group AG’s Singapore branch 1 million Singapore dollars (US$726,126) and S$1.3 million, respectively, for failures in anti-money-laundering controls relating to their handling of 1MDB fund flows.
Business as usual boys!!
Pass the Bolly!




Life is short, paddle harder!!
- Strong Eagle
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Re: Heads keep rolling - 1MDB keeps giving. WSJ clip
Yup... and people who want to form a Singapore based company with a rented director and foreign directors and maybe a foreign bank account are going to find it increasingly difficult to find a bank willing to open an account, in addition to local firms being unwilling to provide a rented director unless everything is squeaky clean, and as PNGMK notes, accompanied by a foot high stack of paper.PNGMK wrote:If you thought you were going to open a new bank account here (soon) without 3 letters of referral from upstanding citizens, a letter from an MP and a fat deposit accompanied by a foot high stack of paper you're kidding yourself. The real losers in this are the simple retail bank clients as far as I see it.
Re: Heads keep rolling - 1MDB keeps giving. WSJ clip
It might happen but they'll only allow transfers in from the same account name and out to the same account name (as per my Saxo account I use for shares).Strong Eagle wrote:Yup... and people who want to form a Singapore based company with a rented director and foreign directors and maybe a foreign bank account are going to find it increasingly difficult to find a bank willing to open an account, in addition to local firms being unwilling to provide a rented director unless everything is squeaky clean, and as PNGMK notes, accompanied by a foot high stack of paper.PNGMK wrote:If you thought you were going to open a new bank account here (soon) without 3 letters of referral from upstanding citizens, a letter from an MP and a fat deposit accompanied by a foot high stack of paper you're kidding yourself. The real losers in this are the simple retail bank clients as far as I see it.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
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