Singapore authorities issue prohibition order against Indian-origin banker over neglect in 1MDB scandal

The Monetary Authority of Singapore (MAS) has banned Indian-origin banker, Raj Sriram, from providing financial advisory services or being part of the management, director, or substantial shareholder of any financial advisory firm. He was serving as the deputy chief executive and head of private banking of BSI Bank Singapore (BSIS). 

The Singapore authorities took this action for his contribution to BSIS’ failure to file suspicious transaction reports regarding 1Malaysia Development Berhad (1MDB)-related transactions. MAS and the Singapore Police Force (SPF) revealed this in a joint statement. 

Besides a 10-year prohibition order, Raj Sriram has also received a 24-month conditional warning from the SPF’s Commercial Affairs Department (CAD). This came after the department investigated him for his role in BSIS’ business dealings and relationships with the subsidiaries of 1MDB and the alleged subsidiary of Abu Dhabi-based Aabar Investments PJS.

Reportedly, Sriram’s neglect led to BSIS not filing the suspicious transaction reports while there were reasonable grounds to do so, the CAD found. MAS, which reviewed his conduct, assessed that the former deputy CEO’s neglect contributed to BSIS’ failure to file the reports.

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