Credit Suisse and UOB Fined by Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB) as well as issued Prohibition Orders (POs) against three individuals and served notice of its intention to impose the same regulatory action on three others for 1MDB-related transactions.
“MAS has imposed Credit Suisse and UOB financial penalties amounting to S$0.7 million and S$0.9 million respectively.”
MAS has imposed Credit Suisse and UOB financial penalties amounting to S$0.7 million and S$0.9 million respectively for breaches of MAS Notice 626 – Prevention of Money Laundering and Countering the Financing of Terrorism.
News Source: MAS Press Release
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016