Falcon Private Bank Shut Down by Monetary Authority of Singapore
Regulators have instructed Falcon Private Bank to close all operations in Singapore and slammed the bank of serious breaches of anti money laundering regulations. This is associated with the moving of funds in 1MDB.
“Regulators have instructed Falcon Private Bank to close all operations in Singapore and slammed the bank of serious breaches of anti money laundering regulations.”
The local branch manager has been arrested and Switzerland’s Financial Market Supervisory Authority has threatened to withdraw the license if there are any more breaches of money laundering regulations. Falcon failed to investigate the background of so-called pass-through transactions totalling $681 million and the repayment six months later of $620 million according to the Finma statement.
About Falcon Private Bank
Falcon Private Bank is a Swiss private banking boutique with 50 years of expertise in wealth management. We provide first-class financial services to private clients and wealthy families from our headquarters in Zurich, and our branches and representative offices in London, Singapore, Abu Dhabi and Dubai.
Our clients benefit from an excellent investment competence, a unique access to opportunities in emerging markets, as well as from our financial strength and stability, which results from our Swiss heritage and our government-owned shareholder.
Visit: Falcon Private Bank
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