Asia
Singapore shuts down second Swiss bank, fines DBS and UBS
The Monetary Authority of Singapore (MAS) has ordered that Falcon Private Bank in Singapore be shut down for serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the Singapore branch, as well as the head office in Switzerland.
HK regulator seeks ban, HK$77m from fintech firm directors
Hong Kong’s Securities and Futures Commission (SFC) is looking to disqualify 10 directors of Freeman FinTech Corporation and seeking compensation of HK$76.8m (£8.0m, $9.9m, €8.8m) for losses incurred during the acquisition of a local firm.
Two ex-BSI bankers in Singapore charged in 1MDB probe
Two former bankers for Switzerland’s BSI Bank have been charged by the Singapore police as part of their investigation into 1Malaysia Development Bhd (1MDB).
STM launches Australian expat super fund
The STM Group has launched a Gibraltar-based Australian superannuation scheme targeted at the expat market as part of a broader move into Australia’s retirement market.
Canada’s Sun Life to expand into Singapore and Thailand
The Hong Kong arm of Canada’s Sun Life Financial plans to expand into Singapore and Thailand in a bid to widen the insurer’s presence in Asia, Reuters has reported.