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MAS penalises Standard Chartered Bank and Coutts for AML breaches

The Monetary Authority of Singapore (MAS) has imposed penalties of S$5.2 million and S$2.4 million on Standard Chartered Bank, Singapore Branch (SCB) and Coutts & Co Ltd, Singapore Branch (Coutts), respectively, for 1MDB-related anti-money laundering (AML) breaches. The watchdog has also issued a prohibition order against Tim Leissner, a former director of Goldman Sachs (Singapore) who was responsible for managing the…

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