MORE: Singapore Directs Falcon Bank to Cease Operations in City
Source: BFW (Bloomberg First Word)
Tickers
181586Z UH (Abu Dhabi Investment Authority)
DBS SP (DBS Group Holdings Ltd)
0753562D SW (Falcon Private Bank AG)
STAN LN (Standard Chartered PLC)
UBSG VX (UBS Group AG)
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UUID: 7947283
(Bloomberg) -- Singapore central bank has imposed on Falcon Bank financial penalties amounting to S$4.3 million for 14 breaches of anti-money laundering and terrorism financing rules.
Alert: HALISTER1- Breaches include failures to adequately assess irregularities in activities pertaining to customer accounts, and file suspicious transaction reports
- MAS: Clients and customers of Falcon Bank are assured that the merchant bank, which is a branch of Falcon Private Bank Ltd. in Switzerland, has full support of its Head Office, which is financially sound
- MAS is working closely with FINMA, the home regulator of Falcon Private Bank Ltd., to oversee an orderly closure of the merchant bank branch in Singapore
- MAS imposed financial penalties amounting to S$1 million on DBS for 10 breaches and S$1.3 million on UBS for 13 breaches of anti-money laundering and terrorism financing rules
- MAS: control lapses observed in DBS and UBS relate to specific bank officers who failed to carry out their duties effectively
- MAS’ inspections did not find pervasive control weaknesses within these banks
- MAS has admonished the two banks and instructed their management to investigate the lapses, promptly address the control deficiencies, and take appropriate disciplinary measures against the staff involved
Source: BFW (Bloomberg First Word)
Tickers
181586Z UH (Abu Dhabi Investment Authority)
DBS SP (DBS Group Holdings Ltd)
0753562D SW (Falcon Private Bank AG)
STAN LN (Standard Chartered PLC)
UBSG VX (UBS Group AG)
To de-activate this alert, click here
UUID: 7947283