The Monetary Authority of Singapore (MAS) has fined Credit Suisse and United Overseas Bank (UOB) for breaches relating to the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB). MAS said it has imposed a S$700,000 fine on Credit Suisse and a S$900,000 penalty on UOB. The two banks were found to have breached several anti-money laundering requirements. There were weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities, the regulator said. Credit Suisse and UOB said in statements they acknowledged the findings by the central bank and maintained they have worked to strengthen their anti-money laundering controls. In addition to financial penalties, the MAS also issued lifetime prohibition orders against a former Singapore branch manager of Falcon Private Bank and two ex-employees of BSI Bank, preventing them from providing any capital markets or financial advisory services and managing any capital markets services or financial advisory firm in Singapore.