17 Aug 2016
Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained.
Falcon is one of the banks under investigation by the Monetary Authority of Singapore (MAS) for a possible breach of anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB.
Falcon, which is owned by Abu Dhabi sovereign wealth fund IPIC, did not immediately respond to an emailed request for comment, while MAS declined to comment on the report.
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