Page 1 of 1

MAS Shuts Down Falcon Private Bank in Singapore for AML Failures

Posted: Mon Oct 10, 2016 6:39 am
by kreslik.news

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 hadĀ 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.

[b]Join the industry leaders at the Finance Magnates London Summit, 14-15 November, ... ([url=http://www.financemagnates.com/institutional-forex/regulation/mas-shuts-down-falcon-private-bank-in-singapore-for-aml-failures/]read more)