ZURICH Oct 11 Switzerland's financial watchdog
FINMA has sanctioned Falcon Private Bank Ltd after it "seriously
breached" money-laundering regulations over its handling of
funds linked to scandal-hit Malaysian state investment fund
1MDB, FINMA said on Tuesday.
FINMA, the Financial Market Supervisory Authority, ordered
Zurich-based Falcon, owned by Abu Dhabi's International
Petroleum Investment Co (IPIC), to turn over 2.5 million Swiss
francs ($2.56 million) in what the watchdog said were illegal
It also said it has opened enforcement proceedings against
two former Falcon executives, without citing them by name.
The news comes as Singapore directed Falcon 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 1MDB.
($1 = 0.9768 Swiss francs)
(Reporting by Michael Shields; Editing by Kenneth Maxwell)