SINGAPORE Singapore directed Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city-state and fined top local lender DBS Bank and UBS AG over lapses in its biggest crackdown on entities dealing with Malaysian sovereign fund 1MDB.
The moves come after the Monetary Authority of Singapore (MAS) announced the shutdown of Swiss private bank BSI’s local unit in May. It subsequently charged people in connection with the probe and froze assets linked to 1MDB.
BSI was the first bank to be ordered shut in Singapore since 1984.
“Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS’ AML (anti money laundering) requirements and expectations,” MAS said in a statement on Tuesday.
“Taking into account the totality of Falcon Bank’s conduct, MAS’ assessment is that the merchant bank will be unable to comply with these requirements and expectations…