Singapore BSI Bank ordered to shut down

Singapore’s central bank, Monetary Authority of Singapore (MAS) has ordered BSI Bank Limited to shut down in Singapore in light of serious beaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.

BSI Bank is currently embroiled in the probe into Malaysia state fund 1Malaysia Development Bhd (1MDB) and it is no surprise that such a drastic action was handed down despite that this is the first time in over 30 years that a merchant bank in Singapore has been ordered to shut down.

Read more about it here.

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