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Bank Negara Malaysia concludes investigation into 1MDB

Bank Negara Malaysia concludes investigation into 1MDB
He stressed that the central bank would continue to cooperate on matters pertaining to 1MDB.
KUALA LUMPUR: Bank Negara Malaysia (BNM) has concluded its investigation into 1Malaysia Development Bhd (1MDB) following the payment of a compound by the company, said Governor Datuk Muhammad Ibrahim.

However, he stressed that the central bank would continue to cooperate on matters pertaining to 1MDB.

"1MDB paid the compound, and that concludes the investigation within Bank Negara Malaysia's rules and regulations and the law we administer," he told reporters on the sidelines of the 20th Malaysian Banking Summit here.
It was reported yesterday that 1MDB has made full payment of an administrative compound that BNM had issued against the state investment firm for failing to comply with local financial rules.

READ: 1MDB pays in full Bank Negara compound

READ: Bank Negara fines 1MDB

Asked if BNM would reopen investigations on 1MDB in light of the Swiss authorities launching criminal proceedings against BSI Bank Ltd over money laundering allegations, Muhammad said there were other laws being administered by the relevant authorities.

On Tuesday, Swiss prosecutors announced that criminal investigations had been opened against one of the country's oldest banks, BSI, based on information revealed in criminal proceedings allegedly related to its dealings with a Malaysian development fund.

The Monetary Authority of Singapore (MAS) also served notice on BSI Bank to withdraw its status as a merchant bank for serious breaches of anti-money laundering requirements, poor management oversight of the bank's operations, and gross misconduct by some of the bank's staff.