| In a massive revelation, the Swiss financial market supervisory authority FINMA has conclusively linked troubled bank BSI AG and its Singapore branch, to the global scandal surrounding Malaysian sovereign wealth fund 1MDB. FINMA said through business relationships and transactions linked to the corruption scandals surrounding 1MDB, BSI AG committed serious breaches of money laundering regulations.
It said in the case of 1MDB, there were deliberate management decisions made by the bank that led FINMA to reach its conclusions of corruption and money laundering accusations. Transactions involving 1MDB were executed within the client group and with THIRD PARTIES without the bank adequately clarifying their commercial justification...............................................Full Article: Source
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