SINGAPORE: Singapore’s central bank on Tuesday shut down a second Swiss bank under investigation for alleged money-laundering activities linked to Malaysian state fund 1MDB as it vowed strong action against potential violators. “Falcon Bank has demonstrated a persistent and severe lack of understanding of MAS AML requirements and expectations,” it said in a statement. Singapore, a regional financial hub, last year launched a probe into alleged illicit fund flows linked to a 1MDB. Singapore’s regulator in May kicked out Swiss bank BSI for similar violations linked to the 1MDB probe, the first time it ordered a bank to shut in 32 years. In July, Singapore authorities said they had seized nearly $180 million in assets through investigations into the 1MDB scandal.

Source: Manila Times October 11, 2016 16:18 UTC