MAS fines UOB and Credit Suisse for 1MDB related deals

Combined fines amount to $1.6m.

The Monetary Authority of Singapore (MAS) announced the conclusion of its two-year review of banks involved in 1MDB-related transactions known to-date. In its latest regulatory actions, MAS has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB).

The central bank's latest inspections of Credit Suisse and UOB revealed several breaches of anti-money laundering (AML) requirements and control lapses. These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities. MAS did not however detect pervasive control weaknesses within these banks.

With this, it has imposed on Credit Suisse and UOB financial penalties amounting to $0.7m and $0.9m respectively for breaches of MAS Notice 626 - Prevention of Money Laundering and Countering the Financing of Terrorism.

"It has directed the banks to appoint independent parties to assess and confirm to MAS that rectification measures have been effectively implemented. MAS has also instructed the management of Credit Suisse and UOB to take disciplinary measures, where appropriate, against errant staff. The banks are currently taking measures to address the weaknesses identified and strengthen their AML controls," MAS said in a statement.

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