July 21, 2016 / 9:46 AM / 3 years ago

UBS says reported suspicious 1MDB transactions, working with regulators

ZURICH, July 21 (Reuters) - UBS is working with authorities investigating banks’ ties to scandal-hit Malaysian state fund 1MDB having reported some deals which it had concerns about, the Swiss bank said on Thursday.

“In this case, UBS self-reported the suspicious transactions and is working closely with regulators to address this matter,” it said in a statement.

The Monetary Authority of Singapore earlier said it had completed inspections of DBS, Standard Chartered and UBS and that preliminary findings had shown instances of “control failings” in all three banks and “weaknesses in the processes for accepting clients and monitoring transactions”. (Reporting by Michael Shields; Editing by Greg Mahlich)

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