Hong Kong Securities and Futures Commission fined Goldman Sachs $350 million for his role in the Malaysian 1MDB scandal. The company had serious shortcomings in management control. The regulator concluded that the bank lacked the necessary mechanisms to monitor personnel and detect violations, which contributed to the misappropriation of $2.6 billion out of the $6.5 billion that 1MDB raised through three bond placements in 2012 and 2013.