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MAS moves to shut down BSI Singapore, calling it “worst case” of gross misconduct ever seen, names senior bankers

Singaporean authorities have moved to withdraw BSI Bank’s status as a merchant bank, citing “serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”. BSI is implicated in an ongoing probe into troubled Malaysian state investment fund, 1MDB, after it emerged that the Swiss bank had introduced 1MDB to…

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