30.05.201704:11:00UTC+00Singapore's Central Bank Penalizes Credit Suisse, UOB over 1MDB-Linked Deals

Singapore's central bank revealed it slapped Credit Suisse and United Overseas Bank with financial fines following the end of a two-year evaluation of deals referring to Malaysia's state fund.

The Monetary Authority of Singapore said the two financial institutions violated anti-money laundering regulations and fell short of its oversight. Credit Suisse will pay S$700,000 ($504,322) while the UOB S$900,000 ($648,415).

It ordered both banks to assign independent parties to review and report to the country's central bank that corrective measures have been effectively enforced.

The two banks recognized the findings of the monetary authority, saying they adhere to the high standards of the Singapore financial hub.

Meanwhile, the MAS also released prohibition orders against three people, as well as issued notice of its plan to impose the same penalty to three others.