Singapore's central bank has directed Swiss private bank, BSI, to shut down operations there. The Monetary authority are investigating money laundering breaches by the bank, calling it the worst case of control lapses and gross misconduct seen in Singapore’s financial sector. 

The last time the Monetary authority withdrew its approval for a merchant bank here in Singapore was over three decades ago, in 1984.

Now, the MAS ordered the close down on BSI here due to serious breaches of anti-money laundering requirements. And authorities are probing people right at the top.

The public prosecutor naming 6 members of BSI bank's senior management and staff...investigating whether they've actually committed criminal offences.  We're likely to hear more on that over the coming days.

This isn't the first time that BSI has hit the headlines over this of course.

Singapore has already filed seven charges against former wealth manager Yeo Jiawei, as part of the money laundering investigation related to the troubled Malaysian state fund,1MDB.

Investigations over the bank and its staff doesn't stop here in Singapore either. Switzerland's officials have opened criminal proceedings against BSI in connection with the 1MDB investigations. And the financial regulator there have already found BSI in breach of money laundering regulations.

No doubt authorities here and in Switzerland will continue their probe, part of that trying to unpick the complex web of money transfers related to 1MDB.