BSI Bank

BSI’s $131 mil penalty 'incomprehensible' as Finma rebuked

(Dec 3): A Swiss court threw out a 95 million Swiss franc ($131.3 million) penalty imposed on BSI Bank over its ties to the 1MDB scandal, calling the financial regulator’s calculation of the fine “incomprehensible.”

See: BSI in serious breach of money laundering regulations: FINMA

Swiss say 1MDB probe targeting six people, two banks

(July 10): Swiss prosecutors are now investigating six people for alleged involvement in Malaysia’s multi-billion dollar 1MDB scandal, days after former Malaysian Prime Minister Najib Razak was charged with corruption for his role in the affair.

Two Swiss banks -- Falcon Private Bank and BSI SA -- are also suspected to be involved, Swiss Attorney General Michael Lauber told reporters Tuesday in Putrajaya following a meeting with his Malaysian counterpart, Tommy Thomas.

Singapore says arrest warrant for Jho Low issued two years ago

SINGAPORE (June 8): Singapore authorities said they issued warrants of arrest for Low Taek Jho and Eric Tan Kim Loong back in April and May 2016, following investigations of 1MDB-related fund flows through the financial system here that began in March 2015.

However, as Low and Tan cannot be located here in Singapore, local law enforcement agencies have also sought help from Interpol. The relevant so-called “Red Notices” were published back in October 2016.

Swiss find serious shortcomings at JPMorgan in 1MDB case

(Dec 21): Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of US bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB.

The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States.

Malaysian Prime Minister Najib Razak, who chaired 1MDB’s advisory board, has denied any wrongdoing.

MAS issues prohibition orders against Yeo Jiawei, Kevin Scully on 1MDB-related breaches

SINGAPORE (Dec 19): The Monetary Authority of Singapore (MAS) has slapped ex-BSI banker Yeo Jiawei and former NRA Capital CEO Kevin Scully with prohibition orders (POs) on breaches related to the 1Malaysia Development Bhd (1MDB) scandal.

See: How 1MDB cheats skimmed millions of dollars in ‘secret profits’

MAS issued a lifetime PO against Yeo, and a 3-year PO against Scully. Both POs took effect from Dec 18, 2017.

MAS issues Prohibition Orders against individuals in 1MDB-linked breaches; Yeo Jiawei gets life ban

SINGAPORE (Nov 1): The Monetary Authority of Singapore has served notice of its intention to issue a permanent Prohibition Order (PO) against Yeo Jiawei.

Yeo, a former wealth manager of BSI Bank, had been investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters.

This comes as MAS issued six-year POs against Ang Wee Keng Kelvin and Lee Chee Waiy from Monday.

Yeo was a representative of BSI Bank from Nov 2010 to July 2014.

Yeo Jiawei to assist CAD investigations on 1MDB, disgorge profits from money laundering and cheating charges

SINGAPORE (July 12): Ex-BSI wealth planner Yeo Jiawei has volunteered to assist the Commercial Affairs Department (CAD) in its investigations into 1Malaysia Development Bhd (1MDB).

“The assistance that the accused will be providing would not be unexceptional,” says deputy public prosecutor Nathaniel Khng. “As a member of Jho Low’s circle of associates, the accused is in a unique position to assist CAD in its investigation.”

Malaysian businessman Low Taek Jho, better known as Jho Low, is the alleged mastermind behind the 1MDB scandal.

Why the 1MDB saga could be far from over for Singapore

SINGAPORE (June 2): This past week, the Monetary Authority of Singapore (MAS) imposed penalties on two more banks and said it had completed an extensive, two-year-long probed into the 1Malaysia Development Bhd (1MDB).

UOB, Credit Suisse fined a total of $1.6 mil for 1MDB-linked transactions; former Falcon & BSI employees issued prohibition orders: Update

SINGAPORE (May 30): The Monetary Authority of Singapore (MAS) is imposing a total of $1.6 million in financial penalties on Credit Suisse and United Overseas Bank (UOB), having completed its two-year review of banks involved in the transactions related to 1Malaysia Development Berhad (1MDB).

Credit Suisse faces financial penalties amounting to $0.7 million, while $0.9 million of financial penalties have been imposed on UOB.

Swiss watchdog probed 22 money laundering breaches in 2016

SINGAPORE (April 4): Swiss financial watchdog FINMA investigated more than twice as many breaches of anti-money laundering rules in 2016 as it did a year earlier, the supervisory body said on Tuesday.

The number of investigations rose to 22 from 9 in 2015 "particularly in connection with international corruption offences", the Bern-based organisation said in a statement.

In 2016, Swiss banks were central players in the scandal surrounding Malaysian sovereign wealth fund 1MDB, one of the world's biggest ongoing white-collar crime cases.

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