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Swiss watchdog sanctions Falcon bank in 1MDB case


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)

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