Swiss private bank Falcon blocked from new S'pore business

Zurich

THE Monetary Authority of Singapore (MAS) has blocked Swiss private bank Falcon from taking on new business in Singapore, reported Swiss newspaper Finanz und Wirtschaft on Wednesday.

Falcon, a bank under probe by the MAS for a possible breach of anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB, is owned by Abu Dhabi sovereign wealth fund International Petroleum Investment Company (Ipic).