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

MAS shuts down Falcon bank over 1MDB fund flows

Posted on 12 October 2016

In more tough action over the deepening Malaysian 1MDB state fund scandal, the Singapore authorities closed a second Swiss bank, and fined DBS and UBS, for anti-money laundering breaches. The million-dollar penalties for DBS and UBS were for breaches of money laundering rules and centred on lapses by specific bank officers, including executives.
The biggest sanction came with the Monetary Authority of Singapore (MAS) ruling that Falcon Private Bank’s Singapore branch must cease operations because of “serious failures” in anti-money laundering controls and “improper conduct” by senior management in Switzerland and Singapore. The breaches were in relation to 1Malaysia Development Berhad (1MDB) fund flows from March 2013 to May last year………………………………………Full Article: Source


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