The Newspaper, Singapore Dec 17, 2016
2 JAILED
Yak Yew Chee, 57 Jailed 18 weeks, fined $24,000
*The former managing director of BSI Singapore was the relationship manager for Malaysian financier Low Taek Jho. *Pleaded guilty in November to two counts each of forgery and failing to report suspicious transactions. *Also offered to give to the State $7.5 million of the bonuses he received from BSI.
Yvonne Seah Yew Foong, 45 Jailed 2 weeks, fined $10,000
*A director at BSI Singapore, was the next most senior banker on Yak’s team. *Pleaded guilty to three charges of aiding in forging documents and failing to report suspicious transactions.
2 CHARGED
Yeo Jiawei, 33
Charged with a total of nine counts, including obstruction of justice, money laundering, cheating and forgery.
*Said to be a central player in facilitating illegal transactions involving 1MDB, the former BSI Singapore banker stood trial over 12 days to four charges of tampering with witnesses. The verdict is expected next Wednesday. *Other charges against him will be dealt with in April next year. *Prosecutors say Yeo made $24 million in the space of just 15 months from the illegal dealings.
Kelvin Ang Wee Keng, 34
Charged with corruption, case pending.
*Accused of giving $3,000 to a research analyst to expedite preparation of a favourable valuation report to be issued by his equity research firm. *Had held the position of associate director at NRA Capital between August 2008 and October 2015 and is currently research head at Phillip Securities. *Said to have dealt extensively for over two years with Yeo and some others implicated in “improper dealings”.
2 BANKS CLOSED
BSI Singapore
*For the first time since 1984, the Monetary Authority of Singapore forced a bank to shut down in May for 41 breaches of anti-money laundering rules, including failure to conduct enhanced customer due diligence on “high risk accounts” and to monitor suspicious customer transactions. MAS also fined BSI $13.3 million.
Falcon Private Bank
*MAS pulled the Swiss merchant bank’s licence in October over “serious failures in anti-money laundering controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore Branch”. It was also fined $4.3 million by MAS.
4 BANKS FINED
Standard Chartered Singapore
*Fined $5.2 million by MAS for 28 breaches linked to anti-money laundering laws.
Coutts Singapore
*Fined $2.4 million for 24 breaches.
UBS
*Fined $1.3 million for 13 breaches.
DBS
*Fined $1 million for 10 breaches.