1MDB: Singapore shuts down Swiss Falcon Bank over Malaysian scandal

Regulators say Falcon persistently flouted money laundering controls, while DBS and UBS received fines for separate lapses that were not 'pervasive' Singapore's central bank has shut down a second Swiss bank under investigation for alleged money laundering activities linked to the Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease its operations in the city-state because of a "persisistent and severe lack of understanding" of Singapore's...