KUALA LUMPUR: Former Singaporean banker told the High Court here that there were obvious red flags in relation to 1Malaysia Development Berhad (1MDB) transactions in BSI Bank, but the bank has never filed any suspicious transaction report (STR) to the Monetary Authority of Singapore (MAS).
Kevin Micheal Swampillai, 59, who worked with BSI Bank Singapore from 2010 to 2016 said any bank has a duty and is legally bound to file the STR with law enforcement once any red flag is spotted to alarm the authorities."Obvious red flags here means that these were politically exposed person type of accounts. In this case, the Government of Malaysia’s entity is opening accounts with a relatively small and private bank, where typically the accounts’ signatory would be a single individual.
He said this during cross-examination by Datuk Seri Najib Razak’s counsel, Tan Sri Muhammad Shafee Abdullah at Najib’s trial involving the misappropriation of RM2.3bil from 1MDB funds. Kevin added that filing an STR also means that the bank is prepared to go legal and ready to cooperate with the authorities in terms of providing information as well as transactions that were undertaken through a specific client’s account.
Further questioned by Muhammad Shafee, Kevin said BSI Bank made around US$250mil in fees from 1MDB and its related companies as they were the single largest client in terms of transaction volume and revenue.
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