UBS AG (UBS) American depositary shares were sliding Tuesday morning after Singapore’s Monetary Authority imposed a $940,000 fine on the Swiss lender for anti-money laundering lapses tied to 1Malaysia Development Bhd also known as 1MDB.
Singapore’s financial regulator also said it decided to withdraw the merchant bank status of Falcon Private Bank and fined the lender SGD4.3 million ($3.1 million) due to “serious failures” in anti-money laundering controls related to 1MDB funds that flowed through the bank from March 2013 to May 2015.
The regulator also imposed a SGD1 million fine on DBS Group Holdings Ltd.
Separately, Bloomberg reported that enforcement proceedings are underway against UBS in Switzerland over its role at 1MDB. A spokesman for Switzerland’s Finma said the regulator is targeting the bank instead of individuals at UBS.
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