UBS is set to undergo regulatory scrutiny in Singapore after its involvement with the fraudulent Malaysian state fund The Monetary Authority of Singapore. 1MDB will probe UBS's previous dealings with the fund, beginning a second wave of regulatory action against banks in Singapore. The probe comes after an investigative blog claimed that payments of $2bn from The Monetary Authority of Singapore flowed through a UBS account in Singapore.
UBS is set to undergo regulatory scrutiny in Singapore after its involvement with the fraudulent Malaysian state fund 1MDB. The Monetary Authority of Singapore will probe UBS's previous dealings with the fund, beginning a second wave of regulatory action against banks in Singapore. The probe comes after an investigative blog claimed that payments of $2bn from 1MDB flowed through a UBS account in Singapore.