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Singapore slaps fines on Credit Suisse and UOB in money laundering probe of Malaysian development fund

Singapore’s central bank has fined Credit Suisse and United Overseas Bank (UOB) for breaches relating to the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB), it said in a statement on Tuesday The Monetary Authority of Singapore (MAS) said it has imposed a 700,000 Singapore dollars ($505,000) fine on Credit Suisse and a 900,000 Singapore dollars ($649,000) penalty on UOB. The two banks were found to have breached several anti-money laundering requirements. The Monetary Authority of Singapore’s headquarters in Singapore “These include weaknesses in conducting due diligence on customersRead More