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In 1MDB fund probe, S'pore closes Falcon Bank, fines UBS and DBS
Published:  Oct 11, 2016 9:32 AM
Updated: 7:28 AM

The Monetary Authority of Singapore (MAS) has withdrawn the merchant bank status of the Singapore branch of Falcon Private Bank Ltd (Falcon Bank) for its links with the 1MDB-related funds flow.

In a statement today, MAS announced the withdrawal of its merchant bank status 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".


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