Credit Suisse, UOB fined for 1MDB-related lapses

Singapore's central bank imposed fines of more than $1.1m in total.

According to CNBC, Singapore's central bank has fined Credit Suisse and United Overseas Bank (UOB) for breaches relating to the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB), it said in a statement on Tuesday.

The Monetary Authority of Singapore (MAS) said it has imposed a 700,000 Singapore dollars ($505,000) fine on Credit Suisse and a 900,000 Singapore dollars ($649,000) penalty on UOB. The two banks were found to have breached several anti-money laundering requirements.

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