SINGAPORE—Singapore's central bank on Tuesday ordered private bank BSI Bank Ltd. Singapore, a subsidiary of Swiss bank BSI SA, to shut down its operations in the city-state.

Singapore authorities have been probing into BSI activities as part of investigations into 1Malaysia Development Bhd., a Malaysian government investment fund.

The Monetary Authority of Singapore also fined BSI Singapore $9.7 million after finding it had breached anti-money-laundering regulations.

In addition, the central bank referred the names of six members of BSI Singapore's senior management and staff to the public prosecutor to assess whether they have committed criminal offenses, it said in its statement Tuesday, which didn't explicitly mention 1MDB.

BSI Singapore referred requests for comment to its Swiss parent. BSI's head office in Switzerland said in a statement that its group chief executive officer Stefano Coduri would step down with immediate effect. BSI also said it has cooperated fully with investigations by regulators in both Switzerland and Singapore.

Authorities in Malaysia and at least six other nations including the U.S. have launched corruption investigations into 1MDB, which has said it held an account at BSI in Singapore.

The Malaysian state fund has denied any wrongdoing and said it is cooperating with authorities. On Tuesday, 1MDB didn't immediately respond to a request for comment.

Last year, Singapore froze bank accounts in the city-state belonging to a former BSI Singapore employee as part of its investigation into 1MDB.

Write to Jake Maxwell Watts at jake.watts@wsj.com

(END) Dow Jones Newswires

May 24, 2016 03:25 ET (07:25 GMT)