Global financial titan Goldman Sachs was fined US$350 million by Hong Kong’s securities watchdog on Thursday for its role in the massive 1MDB Malaysian bribery scandal, the latest in a growing list of global punishments the firm faces.
Goldman Sachs Asia — the Hong Kong-based compliance and control hub of the company — showed “serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls”, Hong Kong’s Securities and Futures Commission said.
The regulator added that Goldman had accepted the SFC’s findings, leading to an early resolution of the disciplinary action.
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(Photo: Free Malaysia Today)