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Credit Suisse (CS) Penalized by Singapore for 1MBD Probe
The Monetary Authority of Singapore (“MAS”) imposed a fine on Credit Suisse Group AG and United Overseas Bank Limited (UOVEY - Free Report) after concluding the two-year investigation of the connections between financial institutions in Singapore and Malaysian sovereign wealth fund, 1Malaysia Development Berhad (1MDB).
Though MAS failed to find pervasive control weaknesses at the banks, they were found guilty of violating several regulations relating to anti-money laundering and lack of appropriate scrutiny of customers' transactions. The regulator charged Credit Suisse and United Overseas with penalties of $0.5 million (S$0.7 million) and $0.6 million (S$0.9 million), respectively.
Apart from these banks, the authority imposed fines on four other banks, DBS Group Holdings Ltd. (DBSDY - Free Report) , UBS Group AG (UBS - Free Report) , Coutts & Co. and Standard Chartered PLC. Also, it closed two Swiss-based private banks, BSI Bank Ltd. and Falcon Bank.
Further, MAS has banned several individuals found involved in the scandals, from providing financial advises and managing advisory firms in Singapore.
Both Credit Suisse and United Overseas accepted the charges and promised to improve anti-money laundering control systems. Also, they will donate the profits earned from the lapses to charities.
Credit Suisse’s shares have gained 5.4% in the last six months, underperforming the 11.6% growth for Zacks categorized Banks - Foreign industry.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>