The Monetary Authority of Singapore (MAS) has issued a lifetime prohibition order (PO) against a former representative and head of the wealth management services department of the Singapore branch of Banca della Svizzera Italiana, or BSI Bank.
Kevin Michael Swampillai and his subordinate Yeo Jiawei assisted 1Malaysia Development Berhad (1MDB) in restructuring its joint venture interests and funneled about $5 million of the fund management fees to an entity beneficially owned by Swampillai, without BSI’s knowledge and authorization.
Swampillai also made «deliberate misrepresentations» to 1MDB’s auditors, KPMG Malaysia, to improperly influence the outcome of an audit carried out by them on 1MDB’s fiduciary fund investments, MAS said on Friday. The PO was issued following the conclusion of an investigation conducted by the MAS.
Yeo received a lifetime PO in 2017, following his conviction for charges ranging from money laundering to cheating, for which he was sentenced to 84 months’ imprisonment. MAS withdrew BSI Singapore’s merchant bank licence in 2016 and fined the firm $13.3 million for AML/CFT breaches.
