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MAS to withdraw Falcon PB’s banking licence in Singapore, fines UBS and DBS

For the second time this year, the Monetary Authority of Singapore (MAS) will withdraw a private bank’s merchant bank licence, today announcing that it is moving to close Falcon Private Bank’s Singapore branch, citing “serious failures in anti money laundering (AML) controls and improper conduct” by the senior management in Switzerland and Singapore. Falcon’s closure in Singapore is the result of…

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