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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