Malaysia 1MDB Investigation: Singapore’s Central Bank Orders Falcon Bank To Close Operations, Fines DBS And UBS

Singapore’s central bank ordered Falcon Private Bank to shut its operations for violating anti-money laundering regulations following an investigation into corruption allegations against the Malaysian state-run fund 1Malaysia Development Berhad (1MDB). The Monetary Authority of Singapore (MAS) also fined local DBS Bank and Swiss lender UBS for several breaches by specific bank officers.