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Singapore court convicts 2nd banker in 1MDB case

A Singapore court sentenced former BSI SA banker Yvonne Seah Yew Foong to two weeks in jail in connection with alleged money laundering linked to the troubled 1Malaysia Development Bhd., Bloomberg News reported Dec. 16.

Seah became the second person to be convicted in relation to the city-state's probe into alleged money laundering. The court found Seah guilty of three charges for aiding in forging documents and failing to report suspicious transactions related to Malaysian financier Low Taek Jho.

Seah's supervisor Yak Yew Chee had been convicted of four charges by a Singapore court in November. Both Yak and Seah serviced the accounts of Low, who had been identified as a person of interest in Singapore's probe into 1MDB and entities related to the Malaysian fund.

Singapore authorities have suspended BSI as a merchant bank for breaching anti-money laundering requirements.