MAS puts private banks on notice with Falcon sanction

The Monetary Authority of Singapore (MAS) declared its intention to aggressively enforce anti-money laundering rules with its revocation of the licence of Falcon Private Bank and fining of DBS and UBS yesterday. Other private banks should brace themselves for increased scrutiny and a zero-tolerance attitude, say industry experts. Singapore's central bank and financial regulator said it had punished Swiss boutique Falcon for having allegedly processed large sums of funds linked to …