Singapore's Aggressive Actions Re 1MDB : AG Apandi is beginning to look even more and more stup_d. Memalukan Melayu.

Singapore's Aggressive Actions Re 1MDB : AG Apandi is beginning to look even more and more stup_d. Memalukan Melayu.

MAS Directs Falcon Bank Cease Operations in S'pore
Financial Penalties Imposed on DBS Bank and UBS

S'pore, 11 October 2016

Monetary Authority of Singapore today withdrawing status of Falcon Bank 

serious failures anti-money laundering controls 

improper conduct at Head Office in Switzerland & S'pore Branch

financial penalties on DBS and UBS for breaches of MAS’ AML requirements

actions follow examinations into 1MDB-related fund flows  from March - May 2015. 

Falcon Bank

Falcon Bank in Singapore since August 2008, HQ in Switzerland. 

MAS inspections on Falcon in 2013 and 2015. 

2013 inspection found weaknesses in client acceptance, transaction surveillance 

breaches of MAS’ AML requirements. 

Falcon Bank paid fine of S$300,000 for these breaches

2015 inspection uncovered even larger number of regulatory breaches 

serious failings at Head Office and Singapore Branch Manager.

MAS withdraw Falcon Bank’s status as merchant bank in S'pore

HQ conflict of interest managing account of  bank Chairman Badawy Husseiny. 

Chairman misled, influenced Singapore Branch 

unusually large transactions despite multiple red flags.
 

improper conduct of Branch Manager and HQ impaired effectiveness of compliance 

interference wrongful, egregious, substantial breaches of AML regulations. 

S'pore Branch Manager Jens Sturzenegger arrested on 5 Oct 2016.

Falcon Bank's financial penalties S$4.3 million for 14 breaches 

irregularities in customer accounts, suspicious transaction reports.

DBS and UBS

DBS and UBS breaches of AML requirements and control lapses.  
lapses in DBS and UBS relate to specific bank officers 

financial penalties S$1 million on DBS for 10 breaches 

S$1.3 million on UBS for 13 breaches 

Notice 626 - Prevention of Money Laundering, Countering Financing of Terrorism. 

MAS finalising assessment of StanChart

will make announcement in due course. 

MAS referred 1MDB-related transactions by Raffles Money Change 

Commercial Affairs Department for their follow-up investigation.

Falcon Bank originally owned by (AIG) known as AIG Private Bank. 

2009, AIG Private Bank acquired by Aabar Investments PJS and renamed Falcon

My comments :  All this sh_t happened because of the Malay infatuation with anything Arab and Islamic.  And the mamak fellow encouraged them into being stupid.

Please note this ok - the Arabs have NO technology. 

And now the Arabs do not even have money.

So please stop bringing the Arabs into Iskandar ke, banking ke, business ke or anything else. What is wrong with you people? 

Tak cukup ke the village boys got liwatted by the Arabs in Iskandar.

The village boys got liwatted by the Arabs over 1MDB, IPIC, Aabar, Gaabar entah ape lagi.

Non stop kena liwat by the Arabs who have no technology, no good business acumen, no money and no good integrity. Melayu kena tipu Arab lagi. 

Here is some street talk ok - that Raffles Money Changer is a Singapore outfit, owned by Singapore Chinese (which is unusual because even in Singapore the Money Change business is monopolised by the mamaks). Anyway the money flowed everywhere, including to and from KL.  Talk is there was a KL money changer (a mamak fellow) who was also involved.  But  when this 1MDB crap started hitting the fan the mamak money changer guy was "told to balik India by Auntie" until further notice. This is the gossip I picked up. 

So Falcon Bank has been shut down for good in Singapore. Also note the AIG connection of Falcon Bank.  They are all crooks.  We must remember all these names.

DBS Bank and UBS Bank have been heavily fined. Even Stanchart will most likely end up paying a fine.  All in relation to breaches of the law involving this 1MDB caper.

In the United States the DOJ will also be prosecuting the 1MDB related cases soon.

In Switzerland it looks like that recent Media Statement was a precursor to a Court process.

And yet our AG case no laws have been broken in Malaysia, the Ground Zero of the entire 1MDB scandal.

Memalukan Melayu lagi.  

And then you expect other people to show respect to you?

How stupid can you get?