Falcon Private Bank Shut Down by Monetary Authority of Singapore

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.”

~Bloomberg

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.

Related Reports: Bloomberg, CNBC

 

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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Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them. They also added that bank accounts which belong to several individuals have been seized and dealings in properties belonging to these individuals have also been curtailed. These assets amount to S$240 million.

“Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them.”

~ Monetary Authority of Singapore

The MAS said the deficiencies at the banks were related to lapses in specific processes and by individual officers which would be met by the firm regulatory action. MAS also mentioned that the inspections did not find any pervasive weakness or staff misconduct.

Related Reports: MAS, CNBC

 


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DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB. The Monetary Authority of Singapore is looking at different aspects of the banks operations. The probe could lead to fines and other penalties if lapses are found.

“Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB.”

~ Bloomberg

Singapore faces pressure to show that banks in the city-state are complying with increasingly tough anti-money laundering rules around the world. While the United States has imposed hefty fines on banks for lapses related to money laundering, tax evasion and international sanctions.

Related Reports: CNBC, Business Times

 

About DBS

Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. With over 280 branches across 18 markets in Asia, we are the largest bank in Singapore and Southeast Asia.

Visit: DBS


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MAS Orders BSI Bank to Shut Down in Singapore

MAS Orders BSI Bank to Shut Down in Singapore

The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.

“This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work.”

~ Monetary Authority of Singapore

In addition, MAS has referred to the Public Prosecutor the names of six members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences. This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work.

Related Reports: Monetary Authority of Singapore, Bloomberg

 

About BSI Bank (Singapore)

BSI Bank Limited Singapore (“BSI Singapore”) is a wholly owned subsidiary of BSI Ltd, Lugano, Switzerland. Established in Lugano, the southern and Italian speaking part of Switzerland in 1873 under the name of Banca della Svizzera Italiana, BSI stands out for its client orientation centred on expertise, trust and discretion. In 1998 Banca della Svizzera Italiana became wholly owned by Assicurazioni Generali SpA and changed its name to BSI Ltd.

In 2015 BSI Ltd was acquired by BTG Pactual, one of the largest and most important Latin American banking groups with a wide international reach. BTG Pactual is an innovative global financial company with Brazilian roots that operates in the markets of Investment Banking, Wealth Management and Asset Management. It offers advisory services in M&A, wealth planning, loans and financing, as well as investment solutions and market analyses.

Visit: BSI

 

About Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

Visit: Monetary Authority of Singapore


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MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

The Monetary Authority of Singapore (MAS) mapped out a plan to show the central bank moving towards an open Application Programming Interface (API) architecture. APIs are defined as sets of requirements that specify how one application interacts with another . They will enable financial institutions to integrate their systems and open the way for interaction with third parties for the development of better products.  “APIs reduce the time to market, lower the cost of implementing projects and changing business rules,” said Mr Lawrence Ang, Executive Director and Head of MAS’ IT Department.

“APIs reduce the time to market, lower the cost of implementing projects and changing business rules”

~ Mr Lawrence Ang, Executive Director and Head of MAS IT Department

MAS also raised the example of how APIs can increase the efficiency of certain regulatory processes, such as banks’ submissions of applications and transactions. This will be key in promoting regulatory technology  and help the central bank to ensure a safe and secure financial sector, Mr Ang said.

Related Reports: Channel NewsAsia, FinTech News Singapore

 

About Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

 

Visit: Monetary Authority of Singapore


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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