Singapore: MAS orders Falcon Bank unit to shut down, fines DBS and UBS

Singapore: MAS orders Falcon Bank unit to shut down, fines DBS and UBS

The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su/Files

Singapore directed Swiss wealth manager Falcon Private Bank Ltd to cease operations in the city-state and fined top local lender DBS Bank and UBS AG over lapses in its biggest crackdown on entities dealing with Malaysian sovereign fund 1MDB.

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