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Midweek Roundup: Singapore Investigates Banks Tied to 1MDB, Court Denies U.S. Claims to Iran-Owned Office Tower, and More
printThe Monetary Authority of Singapore is scrutinizing UBS, DBS, Falcon Private Bank and Coutts International for their links to Malaysian sovereign wealth fund 1MDB, Shanghai Daily reported, citing sources with knowledge of the matter. The review includes an assessment of the banks' know-your-customer and customer due diligence controls. More An internal investigation by Nordea concluded that the bank has in many cases not followed its own standards to prevent money laundering, Reuters said. Following allegations in the Panama Papers that the Nordic bank had helped conceal international funds transfers, the bank has ceased helping clients with offshore structures. More Lawmakers...
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