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

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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