Singaporean and Swiss regulators move against merchant bank in 1MDB scandal

Swiss financial regulator Finma. Image: Finma

Regulators in Singapore and Switzerland have taken action against a Swiss-owned bank for what they said was malpractice in connection with the 1MDB scandal.

Swiss financial regulator Finma and the Monetary Authority of Singapore (MAS) both released statements today (October 11) on their action against Falcon Private Bank and its Singaporean subsidiary.

Action was more severe in Singapore, which arrested one manager and withdrew Falcon Bank's local merchant banking licence. Swiss authorities

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