Singapore Closes Falcon Private Bank for Malaysian Fund Link


Singapore regulators ordered the closure Tuesday of Falcon Private Bank, citing alleged slack controls for transfers and improper conduct related to 1MDB, an indebted Malaysian state fund.

The Monetary Authority of Singapore said in a statement that the Swiss private bank showed “serious failures in anti-money laundering controls and improper conduct by senior management” in Switzerland and Singapore.

The bank will have to cease operations in Singapore and pay a penalty of 4.3 million Singapore dollars ($3.12 million) for 14 breaches. These include not filing suspicious transaction reports and alerting the authorities of irregular activities in customer accounts.

Falcon is the second bank to lose its license in connection with investigations into Malaysia’s 1MDB fund that have led Singapore to seize many bank accounts, fine banks and charge private bankers.

In 2013, the bank…



Read the full article from the Source…

Back to Top