29.05.2020. Falcon Private Bank AG, a Swiss bank finishs banking activities

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Falcon Private Bank AG, in advanced negotiations for transfer of client relationships to other Swiss Private Bank and to exit private banking activities in 2021.
The bank gained global notoriety in 2015 after it was reported that investigators found nearly $700 million had been transferred from an account at the bank’s Singapore outpost to accounts in Malaysia linked to then Prime Minister Najib Razak that now is on trial for corruption in Malaysia.
The Switzerland’s independent financial-markets regulator FINMA found that Falcon had violated money-laundering regulations by failing to carry out adequate background checks into transactions and business relationships associated with state fund 1MDB which were booked in Switzerland, Singapore and Hong Kong in 2016.
This Swiss private bank specializing in wealth management and related financial services, headquartered in Zurich with offices in Dubai, London and Luxembourg.
The bank was founded 1965 as Ueberseebank and was then renamed to AIG Private Bank in 1998. Following a change of ownership, the name Falcon Private Bank was launched in 2009.
Falcon Private Bank is owned by the Abu Dhabi State Fund.