18 Jul 2016
Three Swiss banks as well as a Singapore firm are reportedly being scrutinized for their dealings with Malaysian state fund 1MDB after Banca della Svizzera Italiana, or BSI, was shut down in Singapore for violations of money-laundering rules.
UBS, Falcon Private Bank, and Coutts International are being reviewed by financial regulator The Monetary Authority of Singapore, Reuters reported, citing anonymous. Domestic bank DBS is also among the banks to be evaluated for its dealings with associates of 1MDB, which is suspected of funneling hundreds of millions from state coffers to private banks through a complex web of opaque offshore entities, the newswire reported.
finews.ch had previously reported that UBS reported transactions with 1MDB to Singapore authorities, according to a personal familiar with the matter.
BSI was shut down in the city-state by Singapore and Swiss regulators in May; the bank is in the process of being sold to Swiss bank EFG International.
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