SINGAPORE — Two more former employees of a Swiss bank that was investigated as part of probes into fund flows related to 1Malaysia Development Berhad (1MDB) through Singapore have been charged in court for various criminal offences. 

Most of these offences were related to the accounts of Malaysian financier Jho Low, who has been linked to the 1MDB scandal. 

These included forged letters to different companies testifying to the “good standing” of Mr Low’s family, which were made out to look like they were authorised by BSI Bank Ltd. 

1MDB, which is currently a subject of global money laundering and embezzlement investigations, is one of BSI’s major clients.  

Yak Yew Chee, 57 and Yvonne Seah Yew Foong, 45, had been senior private bankers in BSI Singapore, which was earlier this year ordered to shut down for serious breaches of anti-money laundering rules, and fined S$13.3 million. They were among the six from BSI whose names were referred to the Public Prosecutor for investigations to assess if they had committed criminal offences.

Yak and Seah each face three charges under the Penal Code for forgery offences, and four charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for failing to disclose information on suspicious transactions to the Suspicious Transaction Reporting Office (STRO). These offences allegedly took place between November 2012 and May 2014.  

Yak is accused of forging reference letters to two Swiss banks and one financial services firm, testifying to the “good standing” of Mr Low’s family, their “substantial” assets with BSI in Singapore and Switzerland, and and BSI’s compliance with legislative frameworks in both countries.

Yak is also accused of not reporting suspicious transactions involving sums ranging between US$110 million and US$153 million, when he allegedly knew the transactions could constitute criminal conduct.  

For example, on one occasion in November 2012, the Abu Dhabi Kuwait-Malaysia Investment Corporation — a company reportedly fronted by Mr Low — transferred US$153 million to Mr Low’s father, Mr Low Hock Peng. 

Yak is allegedly to have “reasonable grounds” to suspect that this “directly represented proceeds of an act that may constitute criminal conduct”. but did not report this to the STRO.

Seah, meanwhile, is accused of helping Yak forge reference letters on two occasions, as well as helping do the same for Yeo Jiawei — another former BSI Singapore banker facing charges — on a third occasion.  

She is also alleged to have failed to report the same suspicious transactions to the STRO, despite knowing they could be criminal.

Yeo, who currently faces a total of 11 charges for various offences, was the first BSI Singapore employee named by the Monetary Authority of Singapore to be charged in court for criminal offences. 

In a statement on Monday (Oct 10), the Attorney-General’s Chambers said investigations into 1MDB-related fund flows through Singapore are ongoing. Other individuals, including the other BSI Singapore employees named by MAS, are being questioned or investigated, they added. 

Both Yak and Seah are out on bail — set at S$35,000 — and will return to court for a pre-trial conference on Nov 24. Yak is represented by defence lawyer Lee Teck Leng and Seah is represented by lawyer Peter Low.

Speaking to reporters after the hearing, Mr Lee said Yak had acted as Mr Jho Low’s private banker. His client was investigated for almost one year before being charged on Monday, said Mr Lee.