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Singapore & Hong Kong Enforcement


October 27, 2016 - Cambodia on alert for US taxpayers
“I can say that there are also banks in Cambodia that are looking at the costs of FACTA and FBAR compliance as a major burden,” he said, adding that compliant banks were simply providing data dumps of account information to US authorities.

October 13, 2016 - Switzerland, Singapore Target UBS, Falcon Bank in 1MDB Crackdown
Switzerland’s top prosecutor is also considering whether to open a criminal case against the lender that was told to shut down in Singapore, Falcon Private Bank. The Monetary Authority of Singapore fined Falcon S$4.3 million ($3.12 million), UBS S$1.3 million and DBS Group Holdings Ltd. S$1 million for anti-money laundering lapses related to 1MDB.

October 11, 2016 - Singapore Fines Two Big Banks and Shuts Down Another Over 1MDB Scandal
In Zurich, the Financial Market Supervisory Authority (FINMA), ordered Falcon to turn over 2.5 million Swiss francs ($2.56 million) in what the watchdog said were illegal profits.

October 11, 2016 - Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB
The Monetary Authority of Singapore (MAS) said in a statement it had ordered Zurich-based Falcon Private Bank's Singapore branch to cease operating because of "a persistent and severe lack of understanding" of Singapore's money-laundering controls. It also accused Falcon's senior management in Switzerland and Singapore of "improper conduct".

October 5, 2016 - Taiwan detains ex-head of bank linked to Panama Papers
The former head of a Taiwanese bank linked to the Panama Papers and his top aide have been detained on suspicion of violating banking and securities laws, officials said Wednesday.

September 20, 2016 - Taiwan slaps ban, fine on bank linked to Panama Papers
Taiwan regulators have ordered the removal of executives of a local bank linked to the Panama Papers scandal and barred it from opening overseas branches, saying not enough was done to prevent money laundering. Mega International Commercial Bank had already been hit with a USD 180 million fine last month by US regulators after they uncovered “suspicious transactions” between its New York and Panama branches.

September 2, 2016 - Swiss private bank Falcon replaces CEO with ex-Credit Suisse executive
Falcon is under scrutiny in Singapore after the central bank disclosed in late July that an onsite inspection of the group in April 2016 found "substantial breaches" of anti-money laundering regulations.

August 23, 2016 - Taiwan probes leading bank linked to Panama Papers
American regulators last week said Taiwan's Mega International Commercial Bank showed indifference towards transactions carried out through Panama, which it calls a "high-risk jurisdiction for money-laundering".

July 21, 2016 - Swiss Bank Growing Their Own Human Capital
In both Hong Kong and Singapore from around 2005, the fight for talented private bankers and associated wealth professionals has been a torrid affair. Such was the desperation to snatch the rare resource of experienced wealth managers that banks and bankers ended up in court in an effort to stop the widespread poaching of each others star rainmakers.

July 12, 2016 - Following the DOJ’s Path to Singapore
recent developments in Singapore, including enforcement actions, a recent restructuring of its anti-money-laundering division of the Monetary Authority of Singapore, and changes in the local AML laws to include foreign tax evasion as a predicate offense, suggest that Singaporean officials are interested in maintaining the country’s reputation as a financial center and are interested in cooperating with other jurisdictions.

June 30, 2016 - Credit Suisse takes private banking into the digital age
Fifteen months on the from the initial roll out of its digital private banking platform in Singapore, Swiss bank Credit Suisse is launching an upgraded version for high net worth clients in Hong Kong.

June 28, 2016 - UBS Group AG (NYSE:UBS) has ended a legal fight with the Internal Revenue Service
UBS Group AG (NYSE:UBS) has ended a legal fight with the Internal Revenue Service, agreeing to hand over records on an American client’s account in Singapore as U.S. authorities seek to move beyond Switzerland in their fight against offshore tax evasion.

June 24, 2016 - UBS Gives IRS Records on U.S. Citizen’s Account in Singapore
IRS agents served a summons on UBS in 2013 for the records. Hsiaw had $990,351 in his UBS account in Switzerland in 2001, and closed that the next year, transferring $194,356 to his Singapore account in 2002, according to the IRS petition. The bank said it couldn’t produce the information because Singapore’s bank-secrecy laws prevent disclosure without permission from Hsiaw, which he hadn’t provided, according to a court filing.

June 23, 2016 - Death and Taxes: IRS Begins Procuring Offshore Client Accounts, Records from UBS
The agreement and finality is noteworthy given that UBS, a private Swiss company, complied with the order, and handed over all records to the US Justice Department.

June 23, 2016 - UBS gives IRS records on US citizen's account in Singapore
UBS gives IRS records on US citizen's account in Singapore

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