Singapore shuts down Falcon Private Bank, slaps penalties on DBS and UBS after 1MDB probe

The Falcon Private Bank's headquarters in Zurich. - Reuters

SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Tuesday that it is withdrawing the merchant bank status of Falcon Private Bank Ltd, Singapore branch (Falcon Bank) 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.

MAS is also imposing financial penalties on DBS Bank and UBS, Singapore Branch (UBS) for breaches of MAS' AML requirements.