Bloomberg

(Bloomberg) -- Singapore regulators have found failures in anti-money laundering controls at DBS Group Holdings Ltd., Standard Chartered Plc and UBS Group AG in some transactions related to the troubled sovereign investment firm 1Malaysia Development Bhd.

“The deficiencies observed in DBS, SCB and UBS related to lapses in specific processes and by individual officers. The lapses were serious in their own right, and will be met by firm regulatory actions against the banks,” the Monetary Authority of Singapore said in a statement Thursday. “However, the MAS’ inspections did not reveal pervasive control weaknesses or staff misconduct within these banks.”

The statement came after the U.S. Department of Justice said it’s seeking to seize more than $1 billion worth of assets it says went through U.S. banks from 1MDB, as the Malaysian investment firm is known.

To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net. To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Darren Boey

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