Singapore's central bank is scrutinising several banks, including UBS and DBS Group Holdings, to see if they broke anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB, said three people with knowledge of the matter.
The Monetary Authority of Singapore (MAS) is looking at several aspects of the banks’ operations, including whether they were diligent enough to know their customers and the source of their funds, as well as whether they were particularly careful in screening politically-exposed persons such as government officials, said banking and legal sources aware of the review.