Australian media, The Australian, yesterday (March 31) published an investigative article revealing that the Monetary Authority of Singapore (MAS) asked close to 40 banks based in Singapore to assist in investigations relating to the billion dollar corruption by the Malaysian Prime Minister Najib Razak.
Two Australian banks based in Singapore, ANZ and NAB, were also allegedly involved with the money laundering of stolen state funds from Malaysia. Fund transfers in small denominations of S$50,000 are believed to be in the search bar of MAS, which is believed to be an attempt to escape attention.
It also appears that specific bank accounts were set up to handle these transfers and the MAS is questioning each bank what have they done to monitor suspicious money laundering activities.
You may view the article from here.
According the Singapore media, the MAS declined to deny this report by The Australian. DBS, UOB and OCBC have also declined to comment if they were investigated by MAS.