The Monetary Authority of Singapore started an investigationof some accounts of UBS GroupAG after the bank reported suspicious transactions related to1Malaysia Development Bhd., or 1MDB, Bloomberg News reported July 13, citing"a person familiar with the matter."

The transactions were not immediately flagged as suspiciousby UBS, said the person. An account of a 1MDB subsidiary held at had transferred at least US$1.24billion to a UBS account in Singapore in 2014, according to blog SarawakReport.

1MDB is at the center of a number of in Malaysia and otherjurisdictions over allegations of financial irregularities. In Singapore, theMAS had said it was conducting supervisory reviews of several financialinstitutions. The MAS had also ordered BSI to close its operations in the city statefor its involvement in money laundering.