Advertisement
Singapore markets open in 3 hours 2 minutes

  • Straits Times Index

    3,292.69
    +10.64 (+0.32%)
     

  • S&P 500

    5,018.39
    -17.30 (-0.34%)
     

  • Dow

    37,903.29
    +87.37 (+0.23%)
     

  • Nasdaq

    15,605.48
    -52.34 (-0.33%)
     

  • Bitcoin USD

    57,816.07
    -2,359.68 (-3.92%)
     

  • CMC Crypto 200

    1,202.07
    -136.99 (-10.23%)
     

  • FTSE 100

    8,121.24
    -22.89 (-0.28%)
     

  • Gold

    2,330.20
    +27.30 (+1.19%)
     

  • Crude Oil

    79.13
    +0.13 (+0.16%)
     

  • 10-Yr Bond

    4.5950
    -0.0910 (-1.94%)
     

  • Nikkei

    38,274.05
    -131.61 (-0.34%)
     

  • Hang Seng

    17,763.03
    +16.12 (+0.09%)
     

  • FTSE Bursa Malaysia

    1,575.97
    -6.69 (-0.42%)
     

  • Jakarta Composite Index

    7,234.20
    -7,155.78 (-49.73%)
     

  • PSE Index

    6,700.49
    -69.15 (-1.02%)
     

Swiss watchdog suspects lax bank controls related to 1MDB

Reuters

ZURICH (Reuters) - Switzerland's FINMA financial watchdog suspects banks being probed about ties to scandal-hit Malaysian state fund 1MDB had lax money-laundering controls, it said on Thursday, but declined to give any details about four open investigations.

"FINMA has indications here that the measures for combating money laundering were insufficient," a spokesman said.

He was responding to news that the Monetary Authority of Singapore had completed inspections of DBS, Standard Chartered and UBS.

Preliminary findings there showed instances of "control failings" in all three banks and "weaknesses in the processes for accepting clients and monitoring transactions".

ADVERTISEMENT

UBS had no immediate comment.

FINMA in May found Swiss private bank BSI in breach of money laundering regulations in connection with 1MDB. BSI has filed an appeal against that finding.

(Reporting by Angelika Gruber; writing by Michael Shields; editing by Jason Neely)