MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe

MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe, Banking News & Top Stories - The Straits Times

MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe

SINGAPORE - The Monetary Authority of Singapore (MAS) announced on Tuesday (Oct 11) that it is withdrawing the merchant bank status of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank), for serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch. MAS said Falcon Bank's Singapore branch manager, Mr Jens Sturzenegger, was arrested by the Commercial Affairs Department (CAD) on Oct 5. Falcon Bank is the second financial institution after BSI Singapore to be forced to cease operations here in the Republic's 1MDB probe. Before BSI, the last time MAS shut down a financial institution was in 1984 when it ordered the closure of Jardine Fleming (Singapore) Pte Ltd for serious lapses in its advisory work. MAS is also imposing financial penalties amounting to S$1 million ...

Full article: http://www.straitstimes.com/business/banking/mas-shuts-do...

Tweets

@alyosha19 » 11 Oct '16, 8pm
MAS shuts down Falcon Private Bank in Singapore, slaps penalties on DBS and UBS after 1MDB probe [link]
@EvilKapuTT » 11 Oct '16, 2pm
Another one bites the dust. [link]
@annord » 11 Oct '16, 1pm
[link]
@Malaysia_Latest » 11 Oct '16, 1pm
lawyers4liberty: MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@lawyers4liberty » 11 Oct '16, 1pm
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@ComplianceAML » 11 Oct '16, 12pm
#MAS shuts down #FalconPrivateBank in #Singapore, slaps fines on #DBS and #UBS after #1MDB probe [link] #AML
@waugoola » 11 Oct '16, 10am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe - Ann Williams [link]
@eflowglobal » 11 Oct '16, 9am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@gweezilla » 11 Oct '16, 8am
Uh oh. I hope SPARKS's Team DBS is OK. [link]
@ivyngeow » 11 Oct '16, 6am
[link]
@damnyoum0k » 11 Oct '16, 5am
RT @jasonbhlee: MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@jasonbhlee » 11 Oct '16, 5am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@wonglai » 11 Oct '16, 4am
SINGAPORE - The Monetary Authority of Singapore (MAS) announced on Tuesday (Oct 11) that it is withdrawing the... [link]
@Sentifi_SG » 11 Oct '16, 4am
#MAS shuts down #Falcon Private Bank in Singapore, slaps fine on #DBS and #UBS [link] [link]
@jiinjoo » 11 Oct '16, 4am
The bank killer [link]
@alansoon » 11 Oct '16, 3am
Singapore MAS shuts down Falcon Private Bank, slaps fines on DBS and UBS after 1MDB probe [link]
@MalcolmYeng » 11 Oct '16, 3am
MAS shuts down Falcon Private Bank in Singapore, slaps penalties on DBS and UBS after 1MDB probe [link]
@urzevershankar1 » 11 Oct '16, 1am
#MAS shuts down #Falcon Private Bank in #Singapore, slaps fines on #DBS and #UBS after 1MDB probe [link]
@IPIC_aaba » 11 Oct '16, 1am
RT @YaraM_A: The #1MDB probe catches out another bank [link] ping @AuskarSurbakti
@amiradlan10 » 11 Oct '16, 1am
[link]
@YaraM_A » 11 Oct '16, 1am
The #1MDB probe catches out another bank [link] ping @AuskarSurbakti
@tmakalpha » 11 Oct '16, 1am
RT @ByJasonNg: Singapore orders Swiss bank Falcon to stop operations over 1MDB lapses [link]
@peechinchok » 11 Oct '16, 1am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link] #
@SEACENCentre » 11 Oct '16, 1am
[link]
@benmentari » 11 Oct '16, 1am
RT @natyrag: MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link] Branch…
@natyrag » 11 Oct '16, 1am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link] Branch mgr arrested.
@zenjidesign » 11 Oct '16, 1am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on DBS and UBS after 1MDB probe [link]
@ByJasonNg » 11 Oct '16, 1am
Singapore orders Swiss bank Falcon to stop operations over 1MDB lapses [link]
@sarawak_report » 11 Oct '16, 1am
MAS shuts down Falcon Private Bank in Singapore, slaps fines on @dbsbank and @UBS after #1MDB probe [link]
@wtwasgodthinkin » 11 Oct '16, 12am
@zerohedge MAS shuts down Falcon Private Bank in Singapore, slaps penalties on DBS and UBS after 1MDB probe. [link]
@AlpinumIm » 11 Oct '16, 12am
[link] #falconprivatebank #switzerland #1MDB #DBSBank #Malaysia #Hollywood