Swiss private bank Falcon blocked from new S'pore business
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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).
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