Following confirmation yesterday of two bank accounts here getting frozen after being linked to the 1Malaysia Development Berhad (1MDB) scandal, the Monetary Authority of Singapore (MAS) have vowed serious action against any errant banks.
The police issued a statement about issuance of orders made on Jul 15, where they prohibited any dealings in respect of money in two Singaporean bank accounts linked to the ongoing investigations against the state-run investment firm.
The Straits Times reports that the MAS have been in close contact with the relevant banks related to the 1MDB probe.
The authority will be looking into whether the banks have behaved themselves, including following rules on customer identification, accounts monitoring and reporting on suspicious transactions.
MAS managing director Ravi Menon has promised that they'll rain furious wrath on any banks that have seriously breached any rules and regulations that could involve them in money-laundering offences.
Photo: MAS website screengrab
Following confirmation yesterday of two bank accounts here getting frozen after being linked to the 1Malaysia Development Berhad (1MDB) scandal, the Monetary Authority of Singapore (MAS) have vowed serious action against any errant banks.
The police issued a statement about issuance of orders made on Jul 15, where they prohibited any dealings in respect of money in two Singaporean bank accounts linked to the ongoing investigations against the state-run investment firm.
The Straits Times reports that the MAS have been in close contact with the relevant banks related to the 1MDB probe.
The authority will be looking into whether the banks have behaved themselves, including following rules on customer identification, accounts monitoring and reporting on suspicious transactions.
MAS managing director Ravi Menon has promised that they'll rain furious wrath on any banks that have seriously breached any rules and regulations that could involve them in money-laundering offences.
Photo: MAS website screengrab