THE Monetary Authority of Singapore today fined United Overseas Bank (UOB) and Credit Suisse over breaches related to the 1MDB scandal, the Straits Times reported today.

MAS said today it has also issued prohibition orders (PO) against three individuals and served notice of intention to take the same action against three others.

MAS fined Credit Suisse S$700,000 (RM2.17 million) and UOB S$900,000 for breaches of anti-money laundering requirements and control lapses. These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities

On January 11, Jens Fred Sturzenegger, a former branch manager at Falcon Private Bank Ltd, became the first foreigner convicted in the city-state’s probes into 1MDB.

The Swiss had been charged with failure to report to the authorities US$1.27 billion (RM5.6 billion) of inflows into two bank accounts and denying knowing businessman Low Taek Jho, better known as Jho Low, one of central figures in the 1MDB scandal.

MAS also issued lifetime POS on Sturzenegger and Yak Yew Chee and a 15-year PO on Seah Mei Ying with effect from yesterday.

Yew and Seah, employees of BSI Bank Limited, were convicted of multiple counts of failing to report suspicious transactions and of forging reference letters at BSI Bank on behalf of Low.

Last year, MAS withdrew Falcon Bank’s merchant bank licence over serious failures in anti-money laundering controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch.

On May 24, a former stock broker, Kelvin Ang, was slapped with a S$9,000 fine for bribing a research analyst to expedite a valuation report on PetroSaudi – an oil company which had dealings with 1Malaysia Development Bhd. – May 30, 2017.