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Singapore imposes penalties on StanChart, Coutts

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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


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