MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS
The Monetary Authority of Singapore (MAS) has found "control failings" at DBS and the local branches of Standard Chartered and UBS, during its investigation into fund flows related to Malaysian sovereign wealth fund, 1MDB.
There were also "some cases" of weaknesses around how clients were accepted, and transactions monitored, it said today (July 21). "There was also undue delay in detecting and reporting suspicious transactions," the MAS added.
These "deficiencies" will be "met by firm
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