BSI Bank
Yak, who was vice president of BSI Singapore and a private banker for Low and his father, was jailed for 18 weeks for forgery and failure to disclose suspicious transactions in November 2016.
In court, Yak pleaded guilty to four of seven charges and was fined S$24,000. Like Sturzenegger, he faces a lifetime ban.
Seah, a former director at BSI, was sentenced to two weeks in prison and fined S$10,000 for her role in facilitating and failing to report suspicious transactions related to Low.
Describing BSI Bank’s actions as the “worst case of control lapses and gross misconduct seen in the Singapore financial sector”, Mas ordered the bank be forcibly shut down in May 2016.
Six former and current members of staff were referred to the public prosecutor.
Not tolerated
Ong Chong Tee, deputy managing director (Financial Supervision), Mas, said: “Mas will not tolerate conduct by any finance professional that threatens to undermine trust and confidence in Singapore’s financial system.
“Mas will not hesitate to bar such individuals from carrying out regulated activities in the financial industry. It is imperative that industry professionals and representatives of financial institutions are fit and proper persons.
“They must be worthy of the trust that people place in them and their institutions.”
