Singapore directs Falcon Bank to stop operations in Singapore

lunes 10 de octubre de 2016 20:59 GYT
 

SINGAPORE Oct 11 (Reuters) - The Monetary Authority of Singapore (MAS) has asked Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city state over lapses related to handling fund flows with scandal-hit Malaysian sovereign fund 1MDB.

The move comes after MAS - Singapore's central bank - in May ordered the shutdown of Swiss private bank BSI and subsequently charged people in connection with the probe and froze assets linked to 1MDB. It also imposed financial penalties on DBS Bank and the Singapore branch of UBS AG for breaches of AML requirements.

"Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS' AML (anti money laundering) requirements and expectations," MAS said in a statement on Tuesday.

"Taking into account the totality of Falcon Bank's conduct, MAS' assessment is that the merchant bank will be unable to comply with these requirements and expectations going forward," MAS said. (Reporting by Saeed Azhar and Anshuman Daga and Singapore bureau; Editing by Kenneth Maxwell)