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Singapore shuts second Swiss bank over scandal

CCTV.com

10-11-2016 19:37 BJT

The Singapore branch of a second Swiss bank has been shuttered by regulators, and two other lenders are facing hefty fines. The Monetary Authority of Singapore has ordered Falcon Private Bank's branch in the country to stop operations due to violations of anti money-laundering rules. Swiss bank UBS and Singaporean giant DBS were also slapped with fines of 700,000 US dollars and 900,000 US dollars, respectively for lapses in their money-laundering controls.

The crackdown comes amid suspicion of money-laundering activities connected with the Malaysian sovereign fund 1-MDB. The ongoing controversy involves Malaysian Prime Minister Najib Razak, who is accused of channelling 700-million US dollars from the state-run 1-MDB to his personal accounts.

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