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Falcon PB, DBS and UBS Singapore respond to MAS fines

Following MAS’ announcement that it will withdraw Falcon Private Bank’s merchant bank status in Singapore, and that it had fined UBS Singapore and DBS Bank for 1MDB-related matters, all three banks have issued statements. The Singaporean regulator will close Falcon’s Singapore branch and has slapped UBS and DBS fines totalling S$1.3 million and S$1 million fines, respectively, as the result…

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