Hong Kong regulator fines Goldman Sachs US$350m over 1MDB scandal

Published Thu, Oct 22, 2020 · 10:43 AM

[HONG KONG] Hong Kong's financial regulator on Thursday announced it fined Goldman Sachs' Asia unit US$350 million over its role in the massive 1MDB Malaysian bribery scandal.

The city's Securities and Futures Commission (SFC) said the global financial titan had made "serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls".

The statement added that Goldman had accepted the SFC's findings, leading to an early resolution of the disciplinary action.

AFP

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

VIEW ALL

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

International

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here