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Serious Stop Wayang LHL! just vow to ARREST Ah Jib 阿进 as he enters SG

tun_dr_m

Alfrescian
Loyal
Let Ah Jib go inside yr Changi Hotel, Revocation of all Diplomatic Immunity.

Ah Jib will eventually confess inside his cell that yr PAP LEEGIME is directly involved in 1MDB, you just wait for that.

Unless u can blow him up w C4 alike Mongolian BBQ?!


http://m.todayonline.com/singapore/mas-directs-bsi-bank-shut-down-singapore



Singapore orders Swiss bank BSI to shut


Outside BSI Bank on May 24, 2016. Photo: Louisa Tang/TODAY
Closure comes after breaches of anti-money-laundering rules; six staff under investigation
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BY
ALISON JENNER
[email protected]ISHED: 12:33 PM, MAY 24, 2016UPDATED: 11:35 PM, MAY 24, 2016
SINGAPORE — In its first such move in more than three decades, Singapore’s central bank has ordered Swiss private bank BSI to shut down its operations here, citing serious breaches of anti-money-laundering rules.

The move comes as Switzerland announced it had started criminal proceedings against BSI’s parent bank, based on information revealed in a global probe into Malaysian state investment fund 1Malaysia Development Berhad (1MDB), with the Swiss attorney general’s office pointing to “deficiencies in the internal organisation”.*

1MDB said in a statement that it has not been contacted by any foreign authority.

Without referring to the 1MDB saga, the Monetary Authority of Singapore (MAS) said on Tuesday (May 24) it is withdrawing BSI’s status as a merchant bank in the Republic and imposing S$13.3 million in fines on the bank for 41 breaches, including its failure to conduct due diligence on high-risk accounts and to monitor for suspicious customer transactions on an on-going basis.

“BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector. It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously. Controls need to be robust, surveillance vigilant, and the management culture must emphasise professional integrity and risk consciousness,” said MAS managing director Ravi Menon.

BSI has been operating as a merchant bank in Singapore since November 2005 and offers private banking services. It is wholly owned by BSI SA, which is headquartered in Switzerland. In 2011, the MAS inspected BSI and found policy and process lapses at the front office and weak enforcement by control functions, the central bank said. The lapses were rectified.

In 2014, the MAS inspected the bank again and uncovered serious shortcomings in its due diligence checks on assets underlying the investment funds structured for customers.*

Given repeated findings of weaknesses in its control regime, the MAS instructed BSI’s management to increase scrutiny of the bank’s risk management processes and internal controls.*

A more intrusive third inspection by the MAS last year revealed multiple breaches of anti-money-laundering regulations and a pervasive pattern of non-compliance, it said.

Widespread control failures at BSI led to numerous serious breaches of various anti-money laundering regulations, the MAS said. BSI also had poor and ineffective oversight by the senior management; an unacceptable risk culture, with blatant disregard for compliance and control requirements as well as MAS’ regulations; and numerous acts of gross misconduct by certain staff, it said.

The central bank has referred the names of six BSI staff — including its former CEO and Deputy CEO — to the public prosecutor to evaluate if they have committed any criminal offences, it added.*

Nine charges have been brought against former BSI banker Yeo Jia Wei, including counts of money laundering and cheating allegedly linked to 1MDB. As for the five other individuals named by the MAS, the Attorney-General’s Chambers said it will be working with the Commercial Affairs Department to review the facts before assessing the next appropriate course of action.

This is the first time that the MAS is withdrawing a licence from a merchant bank since 1984, when Jardine Fleming (Singapore) was ordered to shut down for serious lapses in its advisory work. Jardine Fleming was taken to task particularly over its role as advisor to Keppel Shipyard, and for overvaluing Straits Steamship in the S$496 million takeover by Keppel. In another incident, Jardine Fleming was found to have failed minority shareholders of Singapore Land in 1981, when it overvalued a proposed purchase of five cargo vessels from Ocean Shipping Group.*

In its statement on BSI on Tuesday, the MAS added that it is reviewing suspicious and unusual transactions at several other financial institutions, and will not hesitate to take action against them if they are found to have breached regulations or fallen short of expectations. It did not name these institutions.

In a seemingly coordinated move on Tuesday, the Swiss Financial Market Supervisory Authority, or Finma, said in Zurich that parent company BSI SA had committed serious breaches of money-laundering regulations through business relationships and transactions linked to the corruption scandals surrounding 1MDB.

BSI’s Group CEO Stefano Coduri resigned as Finma said it will seize 95 million Swiss francs (S$132.2 million) from the firm and start enforcement procedures against two former bank employees.

BSI “ignored clear warning signals,” about the risk of some of its transactions as it pursued higher-margin returns, Finma CEO Mark Branson told reporters on a conference call on Tuesday.

The Swiss Attorney-General pointed to internal deficiencies at BSI and said the information suggests that the offences of money laundering and bribery of foreign public officials currently under investigation in the context of the 1MDB case could have been prevented if BSI had been adequately organised. “It is believed that due to these deficiencies, the bank was unable to prevent the commission of offences currently under investigation in the criminal proceedings relating to 1MDB,” said the Office of the Attorney General of Switzerland.

BSI SA said it has cooperated fully with the investigations into 1MDB by the Singapore and Swiss authorities, adding that it remains well capitalised.

The latest actions are part of the global money laundering and embezzlement investigations surrounding 1MDB. A Malaysian parliamentary committee in April identified at least US$4.2 billion (S$5.8 billion) in irregular transactions by the state fund, and recommended the advisory board headed by Prime Minister Najib Razak be disbanded. Both 1MDB and Mr Najib have denied any wrongdoing.

In February, Swiss bank EFG International agreed to buy BSI SA from Brazil-based BTG Pactual for 1.33 billion Swiss francs. Finma said on Tuesday the acquisition could still go ahead but on the condition that BSI SA be fully integrated and then dissolved. The MAS said it will allow the transfer of the BSI Singapore unit’s assets and liabilities to the Singapore branch of EFG or to the parent entity. WITH AGENCIES

THE SIX BSI STAFF WHO MAY BE PROSECUTED

Mr Hans Peter Brunner, 64, former CEO of BSI Bank

Swiss national, became a Singapore permanent resident in 2005
Joined BSI in 2009 after being fired from RBS Coutts, where he was Asia chief; embroiled in lawsuit with RBS Coutts over his bonus*
Retired in March 2016
Has worked in firms like Credit Suisse, and was voted Outstanding Private Banker Asia Pacific in 2008 by Private Banker International
Mr Raj Sriram, 49, former deputy CEO at BSI Bank

Joined BSI in December 2009 as deputy CEO Asia and head of private banking South and South-east Asia
Worked at RBS Coutts as the head of private banking for North Asia and at American Express; was among wave of bankers who left RBS Coutts for BSI in 2009
Left BSI in April
Mr Yak Yew Chee, 58,*

former senior private banker*at BSI Bank
Also among the 100-odd Asia-based bankers who left RBS Coutts in late 2009 for BSI
Clients included Malaysian financier Jho Low, who has been linked to the 1MDB scandal, 1MDB, and one of its units, Brazen Sky
Reportedly earned more than S$27 million in salary and bonuses from BSI from 2011 to 2015
Left BSI in February
Yeo Jiawei, 33, former wealth planner at BSI Bank

Currently faces nine charges, including for money laundering and cheating involving millions of dollars*
Was part of a team managed by Kevin Michael Swampillai, who has also been referred to the AGC for investigation
Reportedly left BSI in mid-2014
Ms Yvonne Seah Yew Foong, former senior private banker at BSI Bank

Named in court documents showing that executives of 1MDB and a linked entity had authorised a transfer of US$11.95 million to a firm beneficially owned by a close business associate of Jho Low *
Mr Kevin Michael Swampillai, head of wealth management services at BSI Bank

Suspended by the bank after it began investigating its employees amid the ongoing 1MDB probe
Mentioned in one of the obstruction-of-justice charges against Yeo Jiawei
RELATED NEWS
 

tun_dr_m

Alfrescian
Loyal
Ah Loong is trying hard now by nailing 1MDB related frauds to WHITEWASH & distance his own PAP LEEGIME's involvement.

This is alike if not identical charging TT DURAI of NKF put him in prison, to Wayang and WHITEWASH PAP LEEGIME's own FILTHY ROLES AND INVOLVEMENT.

Loong.... to do this you must put Ah Jib 阿进 behind bars, make him TT DUREX, or at least vow to do this.

KNN! Lon Act Blur!
 

think_lees

Alfrescian
Loyal
No way to cover Najib's Asshole any more. All foolish attempts will rip open own Asshole!


The real Switzerland bank hub is burning Najib. So SwitzerLOONG from PeeSai Swaziland got forced to follow. Or else he exposed himself!



http://mobile.nytimes.com/2016/05/2...mdb.html?_r=0&referer=http://news.google.com/



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Swiss Open Criminal Proceedings Against BSI Over Malaysia Fund Allegations


Prime Minister Najib Razak of Malaysia, in Kuala Lumpur in February. Mr. Razak is fighting a scandal that has roiled Malaysian politics involving allegations that $681 million was paid into his bank accounts.
MOHD RASFAN / AGENCE FRANCE-PRESSE — GETTY IMAGES
By*NICK*CUMMING-BRUCE
MAY 24, 2016
GENEVA — The authorities in Switzerland said on Tuesday that they had begun criminal proceedings against one of the country’s oldest banks, BSI, after allegations that it had laundered huge sums for “politically exposed” individuals linked to a scandal-plagued Malaysian state investment fund.

The Swiss attorney general’s office said in a statement that it suspected “deficiencies in the internal organization of the BSI S.A. bank” and believed “that due to these deficiencies, the bank was unable to prevent the commission of offenses currently under investigation in the criminal proceedings relating to” the investment fund, 1Malaysia Development Berhad.

The prosecution arose from an investigation that Switzerland started last year into suspected misappropriation of billions of dollars from the Malaysian fund, also known as 1MDB, and that it has pursued in cooperation with the authorities in Luxembourg, Singapore and the United States.

The investigation has strained relations with Malaysia and embarrassed its prime minister, Najib Razak, who is fighting a scandal that has roiled Malaysian politics involving allegations that $681 million was paid into his bank accounts.

The Monetary Authority of Singapore announced separately on Tuesday that it was withdrawing the license of BSI’s Singapore branch “for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.”


The authority said it had considerable evidence of “gross dereliction” of duty by BSI management and had sent prosecutors the names of six senior managers to investigate whether they had committed criminal offenses.

The Swiss attorney general’s office said that it had started proceedings against BSI, the oldest bank in the Swiss canton of Ticino, as a result of its own investigations into transactions linked to 1MDB and on the basis of an investigation by the Swiss Financial Market Supervisory Authority.

In a separate statement on Tuesday, the financial market authority said that “through business relationships and transactions linked to the corruption scandals surrounding the Malaysian sovereign wealth fund 1MDB,” BSI had “committed serious breaches of money laundering regulations.”

The authority said that it had ordered BSI to hand over to the Swiss government profits amounting to 95 million Swiss francs, or about $96 million, and had started legal proceedings against two of the bank’s former top managers.

On Tuesday, it also approved the takeover of BSI by a Zurich-based private bank, EFG International, under an agreement reached in February between EFG and BSI’s Brazilian owner, BTG Pactual. The authority said it had approved the deal on the conditions that BSI be completely integrated into EFG and dissolved within 12 months and that none of BSI’s top management associated with its misconduct take leadership positions in EFG.

EFG said in a statement that it believed Tuesday’s developments would “draw a line” ending regulatory uncertainty in Switzerland and Singapore for clients, employees, investors and other stakeholders.

The financial market authority said it had investigated 20 other Swiss banks and had started legal proceedings against six of them over transactions linked to either 1MDB or the Brazilian state oil company Petrobras, which has also been a subject of investigation by the Swiss authorities. BSI’s misconduct in its dealings with 1MDB “was particularly serious,” it said.

The Swiss attorney general’s office said in January that it suspected $4 billion earmarked for development projects in Malaysia had been misappropriated from 1MDB, citing cases involving companies in Malaysia and Saudi Arabia, and a United Arab Emirates sovereign wealth fund, “each involving a systematic course of action carried out by means of complex financial structures.”

In its business with 1MDB, the Swiss financial market authority said, BSI handled transactions for several foreign sovereign wealth funds amounting to hundreds of millions of dollars without adequately clarifying the money’s origins and helped to set up intermediate structures for handling the funds intended to increase the confidentiality of the transactions.

The sovereign wealth funds had constituted BSI’s most profitable group of clients, the financial market authority said, charging them fees that were above market rates. BSI’s senior management “did not question why the sovereign wealth funds should use a private bank to provide institutional services and pay excessive out-of-market fees for doing so,” the authority said.

It said the Swiss bank had also failed to apply adequate risk management procedures to business relationships “with politically exposed persons, the origin of whose assets was not sufficiently clarified and whose dubious transactions involving hundreds of millions of U.S. dollars were not satisfactorily scrutinized.”

BSI had “happily accepted” the explanation that one deposit of $20 million was a “gift,” the market authority said, and in another instance it allowed $98 million to be paid into an account with no attempt to identify the commercial basis for the transaction.


“In many cases, there were clear indications of pass-through transactions,” the authority said, citing a case in which a payment of $20 million was shifted through several accounts on the same day before being transferred to another bank. Such transactions were often a clear indication of money laundering, but the bank failed to carry out any checks, the authority said.

The authority’s statement added that, despite its warnings to BSI about the risks in its dealings with clients linked to 1MDB, the bank’s board of directors and executive board had determined to continue these client relationships.
 
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