Newsclip®: [Business] BSI Bank shutdown ‘shows zero tolerance towards abuse of financial system’ | TODAYonline

"SINGAPORE — The Monetary Authority of Singapore’s (MAS) order to close down BSI Bank sends out a strong message to banks and financial institutions operating in the Republic that it has a zero-tolerance policy towards those abusing the financial ecosystem here, industry experts said yesterday. MAS revoked BSI Bank’s merchant banking licence in Singapore for serious breaches of anti-money-laundering rules amid a global probe into the accounts of Malaysian state investment fund 1MDB. It also imposed fines on the lender amounting to S$13.3 million.",

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