1MDB: Singapore authorities take action against former BSI Bank deputy CEO ...Middle East

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1MDB: Singapore authorities take action against former BSI Bank deputy CEO
SINGAPORE: Singapore authorities have taken action against the former deputy chief executive officer (CEO) of BSI Bank Ltd, Singapore Branch (BSIS) for his contribution to the bank’s failure to file suspicious transaction reports (STRs) regarding 1Malaysia Development Bhd (1MDB)-related transactions.Raj Sriram who is also the former head of Private Banking of BSIS has been issued a 24-month conditional warning from the Singapore Police Force’s Commercial Affairs Department (CAD) and a 10-year prohibition order (PO) by the Monetary Authority of Singapore (MAS).“BSIS, of which Sriram was Deputy CEO and Head of Private Banking, was a key conduit for tainted funds in the 1MDB debacle,” said MAS’

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