ZURICH Switzerland’s financial watchdog FINMA has authorised Falcon Private Bank Ltd after it “seriously breached” money-laundering regulations over a doing of supports related to scandal-hit Malaysian state investment account 1MDB, FINMA pronounced on Tuesday.
FINMA, a Financial Market Supervisory Authority, systematic Zurich-based Falcon, owned by Abu Dhabi’s International Petroleum Investment Co (IPIC), to spin over 2.5 million Swiss francs ($2.56 million) in what a watchdog pronounced were bootleg profits.
It also pronounced it has non-stop coercion record opposite dual former Falcon executives, but citing them by name.
The news comes as Singapore destined Falcon to stop operations in a city-state and fined tip internal lender DBS Bank and UBS AG over lapses in a biggest crackdown on entities traffic with 1MDB.
(Reporting by Michael Shields; Editing by Kenneth Maxwell)