Singapore's central bank has just announced it is shutting down BSI Bank 24 May 2016
- MAS notes serious breaches of anti-money laundering requirements
- refers 6 names of BSI staff to public prosecutor inc former CEO and deputy CEO
- MAS found considerable evidence of gross dereliction of duty and failure to discharge oversight responsibilities on the part of BSI Bank's senior management
- BSI Bank is solvent
- MAS working with Swiss financial market authorities to oversee orderly closure
- MAS notes FINMA has approved acquisition of BSI Group by EFG
- MAS says it's conducting supervisory reviews of several other financial institutions and bank accounts through which suspicious transactions have taken place
BSI Singapore is a wholly owned subsidiary of the Swiss BSI banking group whose HO is in Lugano
