Former Singapore branch manager at Falcon Private Bank, Jens Sturzenegger, has pleaded guilty to six charges related to the 1Malaysia Development Berhad (1MDB) scandal.
The Swiss national was sentenced to 28 weeks in jail and fined S$128,000 ($89,000).
Sturzenegger was accused of failing to disclose suspicious transactions amounting to $1.3bn and for giving false information to protect the financial interests of prominent Malaysian businessman, Low Taek Jho, who was involved with several accounts managed by Falcon Private Bank.
Sturzenegger is the fifth person to be charged in relation to the money laundering case. They include three former BSI bankers – Yeo Jiawei, who was issued with a 30-month sentence for attempting to obstruct the course of justice; Yew Chee and Yvonne Seah Yew Foong, who were sentenced to jail terms of 18 weeks and two weeks, respectively, for forging documents and failing to disclose suspicious transactions.
Former stock trader at Maybank, Kelvin Ang, has also been charged for corruption in relation to the 1MDB case.
Falcon Private Bank was shut down in October 2016 by the Singapore regulator, MAS, due to serious failures in anti-money laundering controls and improper conduct by senior management. It was the second bank to be closed by MAS after Swiss bank BSI in May, over the 1MDB scandal.