Singapore: MAS withdraws second merchant bank status in AML push

In line with its increased commitment to combat money laundering and terrorist financing in Singapore, the Monetary Authority of Singapore (MAS) has ordered the closure of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank). On 11 October 2016, the MAS stated that it was withdrawing the merchant bank status of Falcon Bank for serious failures … Read more

MAS takes stringent action against Singapore branch of an international bank for flouting rules

The Monetary Authority of Singapore (MAS) recently announced that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (AML) requirements, poor management oversight, and gross misconduct by certain bank staff. MAS also imposed financial penalties on the bank and referred members of staff and senior management to … Read more