Switzerland’s financial regulator has closed its investigation into UBS over its connection with the scandal-ridden Malaysian state fund 1Malaysia Development Berhad (1MDB) after sending the bank a written reprimand.
FINMA said that it did not find any systematic, serious misconduct by the Swiss bank, but noted that the background of a key business relationship and transactions were not processed properly by the bank.
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The regulator also said that the probe into three other banks in relation to the scandal is still on, without divulging further details.
The move comes after the Monetary Authority of Singapore (MAS) fined UBS S$1.3m for anti-money laundering rule (AML) violations in October 2016 in relation to the 1MDB scandal.
Several banks have previously earned the wrath of regulators in the recent times over their involvement in the 1MDB scandal. Last October, MAS withdrew the merchant bank status of Falcon Private Bank, Singapore Branch, for serious failures in AML controls and improper conduct by senior management at the head office in Switzerland and Singapore Branch. In the same month, MAS also fined DBS S$1m for AML breaches in connection with the scandal.
In May 2016, MAS also ordered Swiss lender BSI Bank to close its Singapore operations for its role in the 1MDB scandal. In December 2016, the Singapore central bank fined the Singapore branches of Standard Chartered Bank and Coutts S$5.2m and S$2.4m, respectively, for violation of AML requirements linked to the scandal.
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By GlobalData
