Singapore closes Falcon Private Bank for Malaysian Fund link

October 11, 2016 3:44 AM

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SINGAPORE – Singapore regulators have ordered the closure of Falcon Private Bank, citing alleged slack controls for transfers and improper conduct related to an indebted Malaysian state fund.

The Monetary Authority of Singapore said in a statement Tuesday that the Swiss private bank showed "serious failures in anti-money laundering controls and improper conduct by senior management" in Switzerland and Singapore.

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