Singapore, Swiss Regulators Slam Falcon Over 1MDB Breaches
- Falcon linked to $3.8 billion of 1MDB fund flows, Finma says
- Private bank’s Singaporean branch manager arrested on Oct. 5
Monetary Authority of Singapore Shuts Falcon Bank
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Regulators ordered Falcon Private Bank to cease operations in Singapore and slammed the bank for “serious” breaches of anti-money laundering regulations in relation to its role in moving funds associated with the troubled 1Malaysia Development Bhd.
The Monetary Authority of Singapore said the firm’s local branch manager has been arrested and Switzerland’s Financial Market Supervisory Authority has started enforcement proceedings against two of Falcon’s former executives and threatened to withdraw its license if there were any further breaches of money-laundering regulations. Finma linked the private bank to $3.8 billion of 1MDB fund flows, according to a statement released Tuesday.