The long running saga of Swiss private bank BSI in Singapore has taken another turn with news that an ex private banker from the bank has been charged with money laundering.
Yeo Jiawei, a former wealth planner at the Singapore arm of Ticino based private bank BSI, was allegedly charged on April 16, in Singapore.
Financial news site «Bloomberg» reports that Yeo was charged under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes Act. With prosecutors claiming that the banker might have concealed or disguised the benefits from criminal conduct. If found guilty, he may be jailed for as long as 10 years and fined as much as S$500,000.
In recent months several senior bankers have departed from the Singapore unit of BSI and the bank has also been acquired by another Swiss private banking institution EFG.
