UAE: Falcon Private Bank loses Singapore licence

Falcon Private Bank, a boutique Swiss bank owned by Abu Dhabi-based Aabar Investments, has lost its licence in Singapore and been fined $5.5m by the authorities in Singapore and Switzerland, amid heavy criticism of its role in the scandal involving 1Malaysia Development Berhad (1MDB), Malaysia’s sovereign wealth fund.The Monetary Authority of Singapore (MAS) announced the loss of the bank’s licence and a S$4.3m ($3.1m) fine on 11 October, citing Falcon Bank’s “serious failures in anti-money laundering controls and improper conduct by senior management” in relation to transactions associated with 1MDB.