MAS Shuts Down Falcon Private Bank in Singapore for AML Failures

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MAS Shuts Down Falcon Private Bank in Singapore for AML Failures

Postby kreslik.news » Mon Oct 10, 2016 6:39 am


The Monetary Authority of Singapore (MAS) announced today that it is withdrawing the merchant bank status of Falcon Private Bank, Singapore Branch 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.

The move comes soon after the regulator announced it had stepped up its plans to issue an overhaul to its internal infrastructure and systems in a bid to help curb money laundering, as reported by Finance Magnates in June.

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