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DBS, StanChart say they had reported suspicious transactions to authorities

Thursday, July 21, 2016 - 14:29
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TWO banks rapped by the Monetary Authority of Singapore (MAS) over "control failings" linked to flows of funds from 1MDB said on Thursday they had reported suspicious transactions linked to Malaysia's embattled state fund to the authorities.

TWO banks rapped by the Monetary Authority of Singapore (MAS) over "control failings" linked to flows of funds from 1MDB said on Thursday they had reported suspicious transactions linked to Malaysia's embattled state fund to the authorities.

"Egregious financial crime is highly sophisticated and intentionally designed to evade systems and controls. DBS has previously identified certain questionable activities and voluntarily reported these to the relevant authorities," a spokeswoman told The Business Times.

"We take our anti-money laundering obligations seriously and will continue to extend our fullest cooperation to regulators and law enforcement."

A spokeswoman from Standard Chartered said the bank discovered and reported "suspicious transactions", and has been fully cooperating with the relevant authorities. The bank has strengthened its anti-money laundering controls and processes "and will continue to play an active role in the fight against financial crime", she told The Business Times.

She also highlighted the MAS statement that said the inspections did not reveal "pervasive control weaknesses or staff misconduct within these banks, unlike in the case of BSI Bank".

Both banks said they take their anti-money laundering controls seriously.

UBS is the third bank that was rapped by MAS for control failure over 1MDB fund flows. It has yet to respond to a request for comment.

  • For more coverage of the 1MDB scandal: bt.sg/1MDB