Singapore Directs Falcon Bank to Cease Operations in City-State
Source: BFW (Bloomberg First Word)
Tickers
181586Z UH (Abu Dhabi Investment Authority)
MASP SP (Monetary Authority of Singapore)
DBS SP (DBS Group Holdings Ltd)
0753562D SW (Falcon Private Bank AG)
STAN LN (Standard Chartered PLC)
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UUID: 7947283
(Bloomberg) -- Monetary Authority of Singapore withdrawing merchant bank status of Falcon Private Bank Ltd.’s Singapore branch for “serious failures in anti-money laundering controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore Branch.”
Alert: HALISTER1- Falcon’s Singapore Branch Manager Jens Sturzenegger arrested by the Commercial Affairs Department on Oct. 5: MAS statement
- City-state also imposing financial penalties on DBS and UBS for breaches of anti-money laundering requirments
Source: BFW (Bloomberg First Word)
Tickers
181586Z UH (Abu Dhabi Investment Authority)
MASP SP (Monetary Authority of Singapore)
DBS SP (DBS Group Holdings Ltd)
0753562D SW (Falcon Private Bank AG)
STAN LN (Standard Chartered PLC)
To de-activate this alert, click here
UUID: 7947283