SINGAPORE (Jan 5): Jans Fred Sturzenegger, who was the Singapore branch manager of Falcon Private Bank, was charged in court on Thursday morning.
He is the fifth person to be charged in relation to the 1MDB affair that has already seen the conviction of three former bankers.
(See also: Ex-BSI banker Yeo Jiawei to appeal conviction)
Sturzenegger (photo left), 42, plans to plead guilty to charges that include giving false information to investigators and regulators, and for not reporting suspicious financial transactions.
The Swiss national's guilty plea will be heard on Jan 11.
For its failure in anti-money laundering controls, Falcon's local branch was ordered shut on Oct 11 by the Monetary Authority of Singapore and was slapped with a fine of $300,000.
Sturzenegger was arrested by the Commercial Affairs Department on Oct 5.
According to the MAS, Falcon's head office failed to guard against conflicts of interest when managing the account of “a customer” associated with the bank's former chairman Mohamed Ahmed Badawy Al-Husseiny.
(See also: Ex-BSI banker Yeo takes the stand on 8th day of trial, claims he was just taking instructions)
MAS said that he “misled and influenced the Singapore Branch into processing the customer’s unusually large transactions despite multiple red flags.”
The unnamed customer is believed to be Low Taek Jho, better known as Jho Low, alleged mastermind behind the 1MDB fund flows.
(See also: Jho Low among ‘key persons of interest’ in year-long money laundering-related investigations: CAD)
At the earlier trial of former BSI wealth planner Yeo Jiawei, the court heard how Yeo had close and regular contact with Husseiny.