Goldman Sachs pays US$2.9bn for risk management failures around 1MDB deals

The FCA and PRA have together fined Goldman Sachs International £96.6 million for risk management failures connected to 1MDB - a Malaysian development fund embroiled in an embezzlement scandal. This is part of a global settlement that sees the Goldman Sachs Group and its subsidiaries paying US$2.9 billion for their dealings with the fund, which the United States justice department believes was plundered by other parties of more than $4.5bn.