The Falcon Private Bank's headquarters in Zurich. - Reuters
SINGAPORE: Singaporean and Swiss regulators slammed Falcon Private Bank for “serious” breaches of anti-money laundering regulations in relation to its role in moving funds associated with 1Malaysia Development Bhd (1MDB).
The Monetary Authority of Singapore (MAS) said it has ordered Falcon to cease its operations in the city and announced that the firm’s local branch manager had been arrested. Switzerland’s Financial Market Supervisory Authority (Finma) has started enforcement proceedings against two of Falcon’s former executives and threatened to withdraw its licence if there were any further breaches of money-laundering regulations. Finma linked the private bank to US$3.8bil of 1MDB fund flows, according to a statement.
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