Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB

Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB
 

Singapore's central bank on Tuesday shut down a second Swiss bank in the city-state and fined banks DBS and UBS in its biggest crackdown on alleged money-laundering activities connected with Malaysian sovereign fund 1MDB.
The Monetary Authority of Singapore (MAS) said in a statement it had ordered Falcon Private Bank's Singapore branch to cease operating because of "a persistent and severe lack of understanding" of Singapore's money-laundering controls. It also accused Falcon's senior management in Switzerland and Singapore of "improper conduct".
In Zurich, the Financial... read more

 
11 October 2016 in Business, Views: 41
Source: Reuters
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