02 Dec 2016
Standard Chartered Singapore and Coutts & Co were on Friday (Dec 2) fined S$5.2 million and S$2.4 million, respectively, by the Monetary Authority of Singapore for breaches of anti-money laundering (AML) requirements that occurred in the context of 1MDB-related fund flows.
The MAS also served notice of its intention to issue a Prohibition Order against Tim Leissner, a former director of Goldman Sachs (Singapore) for making false statements on behalf of Goldman Sachs without the latter’s knowledge or consent.
Mr Leissner had overall responsibility for managing the relationship with 1MDB when Goldman Sachs was engaged by 1MDB to arrange three bond issuances from 2012 to 2013, the regulator said in its press release.
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