Chitchat swiss bank BSI got shut by MAS today!

MAS orders BSI Bank to shut down in Singapore

Six members of the bank’s senior management and staff have also been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, the Monetary Authority of Singapore says.

http://www.channelnewsasia.com/news/singapore/mas-orders-bsi-bank-to/2811530.html

no wonder MAS dare take action against swissy cos' back in switzerland, they already started prosecuting.

http://www.channelnewsasia.com/news/business/swiss-attorney-general-op/2811610.html

may be this is the case that caused heng swee keat to collapse

gingerlyn said:

may be this is the case that caused heng swee keat to collapse

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not the main reason, but could be one of the reasons, he trying to sought out money laundering to make s'pore a clean and sparkling best fine city in the world.:o

krafty said:

not the main reason, but could be one of the reasons, he trying to sought out money laundering to make s'pore a clean and sparkling best fine city in the world.:o

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brother, u look happy hor today

gingerlyn said:

brother, u look happy hor today

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ok lah, not bad lah, feel paiseh...

Wonder whats going to happen to my $12.50 in the bank.

krafty said:

MAS orders BSI Bank to shut down in Singapore

Six members of the bank’s senior management and staff have also been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, the Monetary Authority of Singapore says.

http://www.channelnewsasia.com/news/singapore/mas-orders-bsi-bank-to/2811530.html

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Alamakinky said:

Wonder whats going to happen to my $12.50 in the bank.

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i have about $12.99, slightly more than u.:o

krafty said:

not the main reason, but could be one of the reasons, he trying to sought out money laundering to make s'pore a clean and sparkling best fine city in the world.:o

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To keep sinkie land clean and free of crimes, it does not take a Harvard guy to do it. Just stop allowing foreigners to register companies like opening up pasar malam stalls in the country. When a company is set up, the foreigner is able to use it as a conduit to move illegal funds across borders. Dumb pappies indeed.

Regulators tipped off about bank years before fraud exposed
http://www.swissinfo.ch/eng/bsi_regulators-tipped-off-about-bank-years-before-fraud-exposed/42150858

AML (anti-money laundering) legislation is wide and encompassing.
Even if layman now opens a simple bank account (with a major reputable bank),
there are all sorts of compliance control paperwork and mandate to declare.

Even commercial remittances (with stricter banks' compliance) are scrutinised through banks "filter".
Used to be just OFAC (sanctions) to contend with. Now can get unstuck, unless you got money mules :p

yinyang said:

AML (anti-money laundering) legislation is wide and encompassing.
Even if layman now opens a simple bank account (with a major reputable bank),
there are all sorts of compliance control paperwork and mandate to declare.

Even commercial remittances (with stricter banks' compliance) are scrutinised through banks "filter".
Used to be just OFAC (sanctions) to contend with. Now can get unstuck, unless you got money mules :p

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Standard Chartered, Citibank and HSBC are stricter on compliance paperwork for funds from sensitive countries (be it company or person), just stick to a local bank or QFB Malaysian bank in Singapore.

china has recently started to prohibit TT from their banks to overseas account. the other day i was in an oz bank, an angmo man was making noise at the counter cos' the cashier didn't allow him to withdraw money. apparently, there were some money that was unaccountable for in his personal acct.

Runifyouhaveto said:

Standard Chartered, Citibank and HSBC are stricter on compliance paperwork for funds from sensitive countries (be it company or person), just stick to a local bank or QFB Malaysian bank in Singapore.

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Let me tell you every damn single bank have compliance department or in the past, we call them " bank inspectors" but whatever you do...there will be always "crooks" & 'creative' people, who can 'cook' the books or hide their trails in any computer systems in any OS....you can bring your "inspector" to the local, "rub & drinks" joint & sometimes bring them to 'rub the bodies' joints...& being them to play 'dry mahjong'....any strict compliance....is just another daily job done.....as long as there are people who will check & don't ask, submit report as it is to management & then to MAS....it is just another business day.

Why 1MDB chose to perform money laundering in Singapore?
why 1MDB did not do it in Hong Kong?

is it because MAS was slacking?

gingerlyn said:

Why 1MDB chose to perform money laundering in Singapore?
why 1MDB did not do it in Hong Kong?

is it because MAS was slacking?

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If you go looking for the 'robbers' that stole your ' family heirlooms', would you suspect your GOOD NEIGHBOUR? for harbouring the 'thieves' or you suspect the one, way across the street, that to you 'walk & talk, suspiciously'??? does this, ring any "BELLS"??

hosay leow! open beer!

halsey02 said:

...every damn single bank have compliance department or in the past, we call them " bank inspectors" ...bring your "inspector" to the local, "rub & drinks" joint & sometimes bring them to 'rub the bodies' joints...& being them to play 'dry mahjong'....any strict compliance....is just another daily job done.....as long as there are people who will check & don't ask, submit report as it is to management & then to MAS....it is just another business day.

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Runifyouhaveto said:

Standard Chartered, Citibank and HSBC are stricter on compliance paperwork for funds from sensitive countries (be it company or person), just stick to a local bank or QFB Malaysian bank in Singapore.

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Can't speak for the "shenanigans" with your bank RM (even if in past) :p. Nowadays, even offshore banks now go through obligatory KYC (Know Your Client) -camouflaged as due diligence.

krafty said:

china has recently started to prohibit TT from their banks to overseas account.

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To my (limited) knowledge on PRC, there have always been outward remittance from middle kingdom with forex controls

gingerlyn said:

Why 1MDB chose to perform money laundering in Singapore?
why 1MDB did not do it in Hong Kong?

is it because MAS was slacking?

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Like a virgin, you tip toe around the pussy and don't know how to enter it. Let me tell you what is happening here. All this shit about BSI doing fraud and money laundering, and having loose institutional control and all that is bullshit and a smoke screen by MAS. Every private bank is doing it in singapore, the exact same thing that BSI is doing. If all their alleged crimes are so bad, kindly point out which of their clients have started legal proceedings against them? Which of their clients have filed a complaint with MAS or the police. There has been non.

MAS is after them to whack them and shut them down simply because of their involvement in IMDB. This was a case where MAS clearly let the large amount of money come in through the Cayman Islands and then allowed BSI to re-route it to the personal account of Najib. In both cases when the money flowed into and out of singapore, MAS knew it. Alarm bells and red alerts should have been going off at MAS. Yet the transactions were not questioned at that time and allowed to be processed. Now, MAS is shutting BSI down to cover up their complicity in the whole mess.

Its very hypocritical of Ravi to come out and say that banks have "to take their anti money laundering responsibilities seriously", when in fact, he presides over a system that have seen numerous crooks, drug kingpins and tyrants hide their money here. If he is so concerned about money laundering, then why don't he give the Indonesian govt what they ask for? And why allow such suspicious transactions to flow into the personal account of a Malaysian politician?

gingerlyn said:

Why 1MDB chose to perform money laundering in Singapore?
why 1MDB did not do it in Hong Kong?

is it because MAS was slacking?

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Just follow the money trail. IMDB did not chose Singapore, Najib chose singapore. Look at how much money flowed in from Cayman/British Islands, and then see how much flowed out to the account of Najib and his brother. the difference of $20 million or so is kopi money that someone collected to allow the transfer to occur. Ask yourself who in singapore is so powerful that he can order such a transaction to be processed, a transaction that stinks to the high heavens. In HKG, where can najib find this kind of relationship? If he asked the PRCs to turn a blind eye and let him transfer out of HKG in exchange for some bribe money, they will likely steal all his USD$680 million for themselves.