The Monetary Authority of Singapore (MAS) has imposed multi-million dollar fines on the Singapore branches of Standard Chartered bank and Coutts & Co for breaching anti-money laundering regulations in relation to 1MDB-related fund flows through these banks, MAS said in a release on Friday (Dec 2).

StanChart was fined S$5.2 million and Coutts was fined S$2.4 million.

MAS said it also intends to issue a 10-year prohibition order against former Goldman Sachs director Tim Leissner for making false statements on behalf of the bank without its knowledge or consent.

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