11 Oct '16, 12am

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...

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

Singapore shuts down Falcon Private Bank, slaps...

thestar.com.my 11 Oct '16, 1am

SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Tuesday that it is withdrawing the merchant bank status ...

Singapore shutters Swiss private bank and fines...

bloomberg.com 11 Oct '16, 1am

Singapore’s central bank is shuttering Falcon Private Bank in the city-state on anti-money laundering breaches, the second...

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cnbc.com 11 Oct '16, 1am

The Monetary Authority of Singapore (MAS) has ordered Swiss wealth manager Falcon Private Bank to cease operations in the ...

Singapore shutters Swiss private bank, fines DB...

cnbc.com 11 Oct '16, 2am

The Monetary Authority of Singapore (MAS) has ordered Swiss wealth manager Falcon Private Bank to cease operations in the ...

Singapore Shuts Down Bank, Fines DBS and UBS in...

nytimes.com 11 Oct '16, 3am

SINGAPORE — Singapore directed Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city-state and fine...

Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB

Singapore shuts Falcon bank unit, fines DBS and...

yahoo.com 11 Oct '16, 1am

By Anshuman Daga and Joshua Franklin SINGAPORE/ZURICH (Reuters) - Singapore's central bank on Tuesday shut down a second S...

via @business

bloomberg.com 11 Oct '16, 1am

Singapore’s central bank is shuttering Falcon Private Bank in the city-state on anti-money laundering breaches, the second...

Singapore fines two big banks and shuts down an...

fortune.com 11 Oct '16, 7am

Singapore Fines Two Big Banks and Shuts Down Another Over 1MDB Scandal Singapore’s central bank on Tuesday shut down a sec...

Singapore shuts Falcon bank unit, fines DBS and...

reuters.com 11 Oct '16, 1am

SINGAPORE Singapore directed Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city-state and fined ...

Singapore directs Falcon Bank to stop operation...

reuters.com 11 Oct '16, 2am

SINGAPORE Singapore directed Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city-state and fined ...

Singapore shuts second Swiss private bank amid ...

ft.com 11 Oct '16, 3am

All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comm...

1MDB: Singapore shuts down Swiss Falcon Bank ov...

theguardian.com 11 Oct '16, 2am

Singapore’s central bank has shut down a second Swiss bank under investigation for alleged money laundering activities lin...

1MDB: Singapore shuts down Swiss Falcon Bank ov...

theguardian.com 11 Oct '16, 2am

Singapore’s central bank has shut down a second Swiss bank under investigation for alleged money laundering activities lin...

1MDB: Singapore shuts down Swiss Falcon Bank ov...

theguardian.com 11 Oct '16, 2am

Singapore’s central bank has shut down a second Swiss bank under investigation for alleged money laundering activities lin...

1MDB: Singapore shuts down Swiss Falcon Bank ov...

theguardian.com 11 Oct '16, 2am

Singapore’s central bank has shut down a second Swiss bank under investigation for alleged money laundering activities lin...