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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Singapore closes, fines bank for Malaysian 1MDB Fund links

Posted on 12 October 2016

Singaporean and Swiss regulators said Tuesday that investigations showed Falcon Private Bank breached money laundering regulations in its dealings with the indebted Malaysian state fund 1MDB.
The Monetary Authority of Singapore ordered the private bank to close down in the city-state and pay a fine of 4.3 million Singapore dollars ($3.12 million) for violations that included not filing suspicious transaction reports and failing to alert authorities about irregular activity in customers’ accounts. The Singapore branch manager of Falcon Private Bank, Jens Sturzenegger, was arrested on Oct 6, it said in a statement………………………………………Full Article: Source


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