BSI 's appeal against FINMA 's decision to implement sanctions against the bank for its relationship with the 1MDB fund 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). As a result , the Securities Authority of Singapore will continue to pursue sanctions for the protection of BSI 's operations within the city - state while also imposing a fine against the bank .
BSI 's appeal against FINMA 's decision to implement sanctions against the bank for its relationship with the 1MDB fund has no bearing on regulatory action in Singapore . As a result , the Securities Authority of Singapore will continue to pursue sanctions for the protection of BSI 's operations within the city - state while also imposing a fine against the bank .