The Monetary Authority of Singapore (MAS) today announced that it has imposed financial penalties on two banks - Credit Suisse and United Overseas Bank (UOB) - for involvement in transactions linked to Malaysian state investor 1MDB.

In a statement, MAS said Credit Suisse was fined S$0.7 million (RM2.16 million) while UOB was slapped with a S$0.9 million (RM2.78 million) fine for breaches of MAS Notice 626 - Prevention of Money Laundering and Countering the Financing of Terrorism...