Goldman Sachs Group Inc.’s Asian unit was fined US$350 million ($474.2 million) by Hong Kong’s financial regulator over its role in Malaysia’s 1MDB investment-fund scandal.

The U.S. bank was “reprimanded” for “serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls,” the Securities and Futures Commission said in a statement. Goldman Sachs Asia’s acceptance of the SFC’s findings and disciplinary action facilitated an early resolution of the matter, it said.

Goldman is also poised to reach a long-awaited pact with the U.S. Department of Justice to pay more than US$2 billion to resolve a criminal investigation into the bank’s role in the 1MDB scandal, people familiar with the matter told Bloomberg News this week.

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