SINGAPORE: Singapore's central bank said on Tuesday that it has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB) after completing its two-year review of banks involved in 1MDB-related transactions.
It fined Credit Suisse S$700,000 (US$504,950) and UOB S$900,000. It has previously imposed fines on other banks.
Malaysia's 1MDB, once a pet project of Prime Minister Najib Razak who chaired its advisory board, is the subject of money-laundering investigations in at least six countries including Switzerland, Singapore, and the United States.
The Monetary Authority of Singapore said in a statement on Tuesday that its latest inspections of the two banks revealed several breaches of anti-money laundering requirements and control lapses. -- Reuters