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Singapore shuts second Swiss bank over Malaysian 1MDB scandal

The Singapore branch of Falcon Bank, a Swiss merchant bank, has been shut by regulators, with two other lenders facing hefty fines. Swiss bank UBS and Singaporean giant DBS were slapped with fines of 943,000 US dollars and 726,000 US dollars respectively for lapses in their money-laundering controls. The crackdown comes amid suspicion of money-laundering activities connected with the Malaysian sovereign fund 1MDB.

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