When asked about the MAS review, a Zurich-based spokesman for Falcon said: "We have transparently shared our view and have nothing to add." Switzerland's Falcon Private Bank and Coutts International, which is owned by Geneva-based Union Bancaire Privee, are also among the banks under review, they said. Probes are being conducted by authorities in the United States, Switzerland, Luxembourg, Singapore, and the United Arab Emirates. Singapore faces pressure to show that banks in the city-state are complying with increasingly tough anti-money laundering rules around the world. One of the sources said DBS had identified certain questionable financial activities and had voluntarily reported them to the relevant authorities.

Source: Thanhnien News July 17, 2016 00:00 UTC