It will continue to be subject to banking regulation and Swiss Financial Market Supervisory Authority (Finma) supervision including meeting its capital requirements. It will also continue to provide banking services to its clients during the transition period and maintain its obligations towards its clients and stakeholders.
Falcon also announced that it is in negotiations concerning the sale and transfer of its client portfolio, front-office staff, and subsidiaries to another Switzerland-based private bank.
In 2016, the Monetary Authority of Singapore (MAS) shut down Falcon Private Bank in Singapore for serious failures in anti-money laundering controls and improper conduct by senior management at the branch, as well as the head office in Switzerland. Also, in 2016, Swiss watchdog Finma found that Falcon violated money-laundering regulations by failing to carry out adequate background checks into transactions and business relationships associated with 1MDB.
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