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UBS joins DBS, StanChart to say it had reported suspicious transactions on 1MDB

Thursday, July 21, 2016 - 16:23
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UBS Singapore said on Thursday it had reported suspicious transactions related to 1MDB fund flows, and is working closely with the regulators.

UBS Singapore said on Thursday it had reported suspicious transactions related to 1MDB fund flows, and is working closely with the regulators.

UBS was among the banks rapped by the Monetary Authority of Singapore (MAS) over "control failings" linked to flows of funds from Malaysia's embattled state fund.

"Combatting sophisticated international financial crime is complex and UBS is constantly enhancing its comprehensive AML (anti-money laundering) processes," a UBS spokeswoman said. "In this case, UBS self-reported the suspicious transactions and is working closely with regulators to address this matter."

UBS joined DBS Bank and Standard Chartered in saying it had reported questionable activities to relevant 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 DBS 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 StanChart 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.

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