KUALA LUMPUR, April 1 ― The Monetary Authority of Singapore (MAS) has confirmed it is investigating several banks within and without the country for possible offences related to controversies surrounding 1Malaysia Development Berhad (1MDB).

However, MAS declined to confirm reports on the number of banks under investigation, including the republic’s three biggest banks United Overseas Bank Limited (UOB), Development Bank of Singapore (DBS) and Oversea-Chinese Banking Corporation (OCBC), as well as those that are foreign-owned, The Straits Times reported today.

“In response to media queries, MAS is able to confirm that as part of its investigation and other offences in Singapore, it has been conducting a thorough review of various transactions as well as fund flows through our banking system,” MAS told the Singapore daily.

“Given the cross-border nature of these fund flows, MAS is also working closely with, and seeking clarifications from, relevant authorities in other financial centres... MAS will provide more details when we have completed our review,” it was quoted adding.

The Singaporean daily added that DBS, UOB and OCBC also declined comment while two of Australia’s biggest banks that have a presence in the republic, ANZ and NAB, have yet to respond.

An Australian newspaper claimed yesterday to have information that the Singapore money authority had asked 40 banks to provide information on funds relating to 1MDB.

The Australian also reported that MAS is checking if funds related to 1MDB were split into smaller amounts to avoid close scrutiny.

Authorities in several countries have mounted investigations into 1MDB’s transactions after US-based Wall Street Journal reported allegations of fund misappropriations and purported corruption into the Malaysian sovereign investment firm.

Apart from Singapore, Luxembourg, Switzerland and the US are also said to be conducting their own investigations.