An employee enters the reception area of Swiss bank BSI's office in Singapore May 24, 2016. REUTERS/Edgar Su/File Photo SINGAPORE (Reuters) - Singapore’s central bank, which has ordered Swiss private bank BSI to close its local operations, said on Friday BSI’s appeal to a Swiss court against a decision by Switzerland’s financial watchdog has no bearing on regulatory action in Singapore. In an unprecedented move, the Monetary Authority of Singapore (MAS) has ordered the closure of BSI’s operations in the city-state and has levied a fine on the bank in relation to its dealings with troubled state fund, 1Malaysia Development Bhd (1MDB). Switzerland also began criminal proceedings against BSI. “BSI Bank has accepted the financial penalties and other regulatory actions imposed by MAS,” a MAS spokeswoman said in an email to Reuters. “We have not received any appeal in this regard.” BSI said on Thursday it is appealing to a Swiss court against a decision by Swiss regulator FINMA regarding business relationships and transactions linked to 1MDB. BSI could not be immediately reached for comment on Friday. Reporting by Saeed Azhar; Editing by Christopher Cushing
BSI's appeal against FINMA's decision to implement sanctions against the bank following its relationship with the 1MDB fund has no bearing on regulatory action in Singapore. As a result, the Monetary Authority of Singapore will continue to pursue measures for the closure of BSI's operations within the city-state while also imposing a fine against the bank.