Falcon PB, DBS and UBS Singapore respond to MAS fines

11 October 2016 | 3 minutes read

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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