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MAS puts private banks on notice with Falcon sanction

Bernadette Tio
Singapore's central bank demonstrated its increased zeal to enforce anti-money laundering laws by revoking Falcon Private Bank's licence and heavily fining DBS and UBS.
MAS puts private banks on notice with Falcon sanction

The Monetary Authority of Singapore (MAS) declared its intention to aggressively enforce anti-money laundering rules with its revocation of the licence of Falcon Private Bank and fining of DBS and UBS yesterday. Other private banks should brace themselves for increased scrutiny and a zero-tolerance attitude, say industry experts.

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