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Around 15 Swiss banks are reported to be in a “red zone” of lenders that are particularly exposed to money laundering risks, according to a Reuters report.
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Swiss federal prosecutors have opened criminal proceedings against Zurich-based Falcon Private Bank for allegedly failing to prevent suspected money laundering linked to Malaysia’s 1MDB funds.
Falcon Bank was the second financial institution after BSI Singapore to be forced to cease operations in the Republic’s 1MDB probe, as reported by Finance Magnates.
The latest move is partly due to an investigation by FINMA which has ... (read more)