SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Tuesday that it is withdrawing the merchant bank status of Falcon Private Bank Ltd, Singapore branch (Falcon Bank) 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. MAS is also imposing financial penalties on DBS Bank and UBS, Singapore Branch (UBS) for breaches of MAS' AML requirements. Falcon Bank has been operating as a merchant bank in Singapore since August 20081, offering boutique private banking services. MAS conducted inspections on Falcon Bank in 2013 and 2015. Falcon Bank paid a composition fine of S$300,000 (RM903,000) for these breaches, and MAS instructed the merchant bank to strengthen its AML controls.

Source: The Star October 11, 2016 01:07 UTC