MAS: BSI's Swiss Appeal Has No Bearing on Regulatory Action

The Monetary Authority of Singapore

The Monetary Authority of Singapore

The Monetary Authority of Singapore, which has ordered Swiss private bank BSI to close its local operations, said BSI's appeal to a Swiss court against a decision by Switzerland's financial watchdog has no bearing on regulatory action in Singapore.

BSI bank said last week it is appealing to a Swiss court against a decision by Swiss regulator Finma regarding business relationships and transactions linked to troubled state fund 1Malaysia Development Berhad (1MDB), as also reported.

«BSI Bank has accepted the financial penalties and other regulatory actions imposed by MAS,» a spokeswoman from The Monetary Authority of Singapore (MAS) said to news agency «Reuters». «We have not received any appeal in this regard.»

In an unprecedented move, the MAS has ordered the closure of BSI's operations in the city-state and has levied a fine on the bank in relation to its dealings with troubled state fund 1MDB.




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