In 1MDB fund probe, S'pore closes Falcon Bank, fines UBS and DBS

The Monetary Authority of Singapore (MAS) has withdrawn the merchant bank status of the Singapore branch of Falcon Private Bank Ltd (Falcon Bank) for its links with the 1MDB-related funds flow.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