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Heads keep rolling - 1MDB keeps giving. WSJ clip

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PNGMK
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Heads keep rolling - 1MDB keeps giving. WSJ clip

Postby PNGMK » Tue, 11 Oct 2016 3:44 pm

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.
I have gay, black, Asian friends and then JR8.

PNGMK
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Re: Heads keep rolling - 1MDB keeps giving. WSJ clip

Postby PNGMK » Tue, 11 Oct 2016 3:47 pm

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 have gay, black, Asian friends and then JR8.

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Re: Heads keep rolling - 1MDB keeps giving. WSJ clip

Postby Barnsley » Tue, 11 Oct 2016 5:19 pm

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.


Surely more impact if DBS and USB had had some measures taken against them instead of the paltry fine ....

Business as usual boys!!

Pass the Bolly!

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Re: Heads keep rolling - 1MDB keeps giving. WSJ clip

Postby Strong Eagle » Tue, 11 Oct 2016 9:16 pm

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.


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
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Re: Heads keep rolling - 1MDB keeps giving. WSJ clip

Postby PNGMK » Wed, 12 Oct 2016 9:05 am

Strong Eagle wrote:
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.


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.


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).
I have gay, black, Asian friends and then JR8.


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