Falcon Bank has to close his branch in Singapore. The Monetary Authority of Singapore (MAS) announced on Tuesday it had ordered Falcon Bank to cease its operations in the city-state because of a "serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch".
Two former senior private bankers at BSI Singapore were charged in connection with Singapore’s 1MDB probe, on Monday.
Yak Yew Chee, 57, who was a senior vice president at BSI Singapore and Yvonne Seah Yew Foong, 45, a former director at the bank, were among six flagged by the Monetary Authority of Singapore (MAS) to the Public Prosecutor regarding "serious misconduct" and whether they had committed criminal offences.
The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (Finma) have signed an agreement to expand cooperation on FinTech.
This initiative was launched at the second Financial Dialogue between the MAS and the State Secretariat for International Finance (SIF) held today.
The accord will help spur opportunities for FinTech businesses from Singapore and Switzerland to grow into each other’s markets. MAS and FINMA have also committed to sharing the information regarding emerging fintech trends and regulatory issues pertaining to innovation.
