Singapore imposes penalties on StanChart, Coutts

SINGAPORE: Singapore’s central bank imposed penalties on the local units of UK-based Standard Chartered and private bank Coutts for money laundering breaches related to Malaysia’s scandal-tainted 1MDB fund and said it was nearing the end of its probes. The penalties — of S$5.2 million and S$2.4 million, respectively — were the latest punitive measures taken by the central bank in its crackdown on money laundering. The Monetary Authority of Singapore (MAS) is also in the process of issuing a prohibition order against Tim Leissner, Goldman Sachs’ former Southeast Asia chairman. — Reuters