MAS Imposes Penalties on Standard Chartered Bank and Coutts for 1MDB-Related AML Breaches

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December 2 2016

The Monetary Authority of Singapore (MAS) announced today that it has imposed financial penalties of S$5.2 million and S$2.4 million respectively on Standard Chartered Bank, Singapore Branch (SCB) and Coutts & Co Ltd, Singapore Branch (Coutts) for breaches of MAS’ anti-money laundering (AML) requirements. These breaches occurred in the context of 1MDB-related fund flows through these banks.

MAS has also served notice of its intention to issue a Prohibition Order against Tim Leissner, a former director of Goldman Sachs (Singapore) Pte (GS S’pore) for making false statements on behalf of Goldman Sachs (Asia) L.L.C., without the latter’s knowledge or consent. Mr Leissner had overall responsibility for managing the relationship with 1MDB when Goldman Sachs was engaged by 1MDB to arrange three bond issuances from 2012 to 2013.