DBS, UBS fined amid 1MDB probe as Falcon Bank shut

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By Rashmi Kumar
11 Oct 2016

The Monetary Authority of Singapore has cracked down on DBS Bank, Falcon Private Bank and UBS for breaching its anti-money laundering (AML) requirements, following an investigation into fund flows related to scandal-hit Malaysian investment fund 1MDB.

Singapore’s regulatory body is withdrawing the merchant bank status of Falcon for “serious failures in anti-money laundering controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch,” it said in a statement on Tuesday.

It has imposed a penalty ...

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