Credit Suisse will pay price for Singapore rap

Singapore

TIDJANE Thiam got away with a fine of half a million dollars, or just 0.009 per cent of what he paid the Americans late last year. Yet the Credit Suisse Group AG CEO won't be fooled by Singapore's apparent leniency.

Tuesday's gentle rap concludes a two-year investigation by the city-state into banks that, knowingly or otherwise, helped facilitate an elaborate scheme in which billions of dollars were allegedly looted from a Malaysian state investment firm and laundered.

The Monetary Authority of Singapore's S$700,000 penalty levied on Credit Suisse is the lowest so far in the 1MDB scandal. Other lenders, including UBS Group AG, Standard Chartered plc, Coutts & Co and DBS Group Holdings Ltd, have been previously fined between S$1 million and S$5.2 million for their alleged involvement. Even United Overseas Bank Ltd, admonished alongside Credit Suisse, will …