The Monetary Authority of Singapore has ordered BSI Bank, which is under the limelight for its dealings with 1MDB, to close down.
According to Reuters, Singapore's central bank withdrew the Swiss bank's status as a merchant bank in the city state.
The grounds provided include "serious breaches of anti-money laundering requirements, poor management oversight of the bank's operations and gross misconduct by some of the bank's staff.
Such action had not been taken by the Singapore authorities in 32 years.
This is the first time that the Monetary Authority of Singapore is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work," it was quoted as saying.
The monetary authority said it has also referred six members of BSI Bank's senior management and staff to the public prosecutor.
Read more: https://www.malaysiakini.com/news/342708
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