Monetary authority of Singapore (MAS) has accused the local branch of the British Bank Coutts, known as the “Queens Bank”, in violation of the law on combating money laundering. It is reported by the website of MAS, which serves as Singapore’s Central Bank.
The violations in question were identified in the context of the investigation of the Malaysian Fund 1MDB. In this regard, Coutts was fined 2.4 million Singapore dollars (1.6 million U.S. dollars).
In addition to Coutts similar violations, the regulator has identified in the branch office of another British Bank – Standard Chartered Bank. The organization was fined 5.2 million Singapore dollars (3.6 million U.S. dollars).
Coutts, established in 1692, is one of the oldest in the world and one of the most exclusive credit institutions. Customers of Coutts were Lord Byron, Charles Dickens, Frederic Chopin. Approval of the Bank, it provides services to half of the players from the English national team. The main Bank’s customer is the British Queen Elizabeth II.
Despite this, Coutts already repeatedly was exposed to penalties for violation of the AML / CFT legislation. So, in 2012, the Department of financial services of great Britain (FSA) suspected the Bank to work with “dirty” money. The organization was fined 8.75 million pounds.
Recently it became known that clients of Coutts was the youngest brother of the Sultan of Brunei Prince Jeffrey Bolkiah and the Egyptian banker Hassan Heikal, who are accused of financial crimes. In particular, Bolkiah is charged with stealing about $ 15 billion from the national wealth Fund of Brunei, and Checalo – facilitate insider trading, writes The Guardian, referring to the information contained in the so-called Panamanian documents – a huge archive of documents of the Panama legal company Mossack Fonseca, the leak got to the press.