Tuesday, September 22, 2020

Malaysian Banks Identified in FinCEN Files

Malaysia is not unaffected by the FinCEN files scandal. 

In case, you didn’t read my post this morning, the global financial industry has been put under the spotlight again after a cache of leaked documents show years of transactions handled by the world’s largest banks linked to money laundering, corruption and fraud. 

According to a Malay Mail report published yesterday, a total of 23 transactions involving Malaysian banks were flagged as “suspicious” – with over $4.88 million (RM20 million) going in and $13.38 million (RM55 million) going out. 

On the receipt side, AmBank led the list of dubious dealings, having accepted $2.9 million in two transactions, followed by HSBC Bank Malaysia Bhd ($871,637) and Alliance Bank Malaysia Bhd ($462,378). And the bulk of suspicious transactions, a total of $13.37 million in seven transactions, was sent by Public Bank Bhd. 

Other banks also allegedly involved included CIMB Bank Bhd, Standard Chartered Bank, United Overseas Bank and OCBC Bank. 

These undertakings all involved overseas accounts in countries such as Afghanistan, Latvia, Poland, United Arab Emirates and the United States. 

A timely meet-up with a friend and ex-colleague, Dr Sheila Cheng at the Asia e University campus in Jalan SS 15/4, Subang Jaya, Selangor today. 

We must have had an intense discussion so much so that it slipped my mind to take a photo with her. It’s been years since we last met.

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