Tuesday, October 11, 2016

Singapore closes, fines bank for Malaysian 1MDB Fund links...

Singaporean and Swiss regulators announced fines and other penalties Tuesday for Falcon Private Bank, saying it breached money laundering regulations in its dealings with the indebted Malaysian state fund 1MDB.

The Monetary Authority of Singapore ordered the private bank to close down in the city-state and pay a fine of 4.3 million Singapore dollars ($3.12 million) for violations that included not filing suspicious transaction reports and failing to alert authorities about irregular activity in customers' accounts.

The Singapore branch manager of Falcon Private Bank, Jens Sturzenegger, was arrested on Oct 6, it said in a statement.

The regulator cited "serious failures in anti-money laundering controls and improper conduct by senior management" in Switzerland and Singapore. Full story...

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  3. Switzerland widens probe into murky Malaysia fund...
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