Bank of America In Alleged Fraud Probe

Two Bank of America staff members have been accused of siphoning off money from the accounts of dead customers. Both suspects are thought to have worked for the bank for over 20 years.

Although no confirmation has been provided of the amount of money involved, local media reports indicate that the alleged fraud could run to around US$1m.

The scandal has already caused Eugene Heng, the head of the bank's Singapore operations, to resign. Heng was not in any way involved in the alleged fraud.

Earlier this year a former employee of HSBC Singapore was charged with allegedly undertaking illegal transactions worth around US$6.9m over a 5 year period.