Goldman Bond Deals With 1MDB Under Singapore Central Bank Review
31 July 2016
Singapore’s central bank said a “supervisory examination” of a Goldman Sachs Group Inc. unit’s involvement in bond deals by 1Malaysia Development Bhd. is ongoing.
"Monetary Authority of Singapore will take decisive regulatory actions against any financial institution or individual in Singapore that has breached regulations or failed to meet the expected anti-money laundering standards,” it said in the statement on Saturday. Edward Naylor, a Hong Kong-based spokesman for Goldman Sachs, declined to comment.
The New York-based bank received subpoenas from the U.S. Justice Department and the Securities and Exchange Commission for documents related to the Malaysian investment fund known as 1MDB, the Wall Street Journal reported, citing a person familiar with the matter who wasn’t identified. Reuters earlier reported Singapore’s probe into Goldman Sachs’ involvement in 1MDB bonds.
The Singapore central bank on July 21 unveiled plans to act against four banks for what it called serious lapses in their anti-money laundering controls and seized S$240 million ($177 million) in assets linked to 1MDB.
Its preliminary findings uncovered “instances of control failings” in UBS Group AG’s Singapore branch, Standard Chartered Plc’s local unit and DBS Group Holdings Ltd., as well as “substantial breaches” of anti-money laundering regulations at Falcon Private Bank Ltd. in the city-state, the Monetary Authority said last week. The regulator vowed to take action against the four banks for the lapses.read more.
http://www.bloomberg.com/news/articles/2016-07-19/quicktake-q-a-malaysia-s-1mdb-fund-spawns-worldwide-probes