Singapore kicks out Swiss bank linked to 1MDB

The MoF, as sole shareholder of 1MDB, has also decided to dissolve the board of advisors of MDB and accepted the resignation of the current board of directors of the state owned fund. These were among the recommendations contained in the PAC report on 1MDB that was released last month.

SINGAPORE: Singapore’s central bank on Tuesday said it has ordered the closure of the local branch of Swiss bank BSI, which has been linked to a scandal at Malaysia’s troubled state fund 1Malaysia Development Bhd (1MDB).

“The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff,” the regulator said in a statement.