Falcon Private Bank Singapore Branch Shut Down Over Money Laundering Concerns
There is more trouble brewing for banks active in Singapore, though. A final assessment of Standard Chartered Bank is expected to be revealed soon. The financial relationship between Switzerland and Singapore has come under even more pressure than before. Singapore central bank officials forced Falcon Private Bank to shut down immediately. This is a direct result of the ongoing money-laundering operations in the country, and Falcon Private Bank is the second Swiss financial institution forced to close its doors. The Monetary Authority of Singapore has ordered the local branch of Falcon....
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On July 12 the Switzerland-based private bank Falcon Group announced the bank will offer bitcoin asset management for their customers. Through a partnership with Bitcoin Suisse AG, the bank’s clients will be able to purchase and store the decentralized currency using their account funds. Falcon Group Becomes the First Swiss Private Bank to Offer XBT/BTC....
It was reported earlier this week by Bloomberg that private investment fund Falcon Global Capital had closed its bitcoin fund due to the digital currency's slowing demand. While the fund has indeed ceased, Falcon CEO Brett Stapper is claiming that demand had little to do with the decision, and that it was rather a planned move following Falcon customers' lagging eagerness to have their bitcoins managed by a third party, and that closing the fund gives Falcon the opportunity to place more focus and attention on their latest consulting service which has experienced rising popularity since....
Investment firm Falcon Global Capital has contacted the US government expressing an interest in buying all of the bitcoins it seized from Silk Road - the online black market that was shut down by the FBI in October of last year. The US has previously said that the coins will be liquidated, but did not say when or how the process would occur, or to whom they would be sold. The FBI holds 27,000 BTC from the seizure, which are worth around $14m at today's exchange rates. Whether the Falcon team is prepared to go the distance on the potentially huge transaction remains to be seen. Huge....
Brett Stapper Source: Falcon Global Capital. A bitcoin investment fund by the name of Falcon Global Capital is looking to buy bitcoin from the FBI - 27,000 BTC, in fact. The bitcoins are those seized from the Silk Road bust late last year, and are worth just under $15 million at the present exchange rate. According to Brett Stapper, co-founder of the fund (which describes themselves as an "SEC Regulation D Private Investment Fund that invests solely in the Bitcoin markets"), the FBI hasn't yet approved or denied the firm's offer. Stapper notes that Falcon's lawyers are calling daily to....
Criminals rely on banks to facilitate money laundering, and will not go through the trouble of buying and selling Bitcoin to do so. The banknote ban in India is causing some rather unexpected results. Axis Bank’s Noida branch suffered from a similar incident as what happened to Wells Fargo customer not took long ago. Bank employees opened fictitious bank accounts to deposit a lot of money, allowing them to bypass the current demonetisation plans. Banks remain the perfect partner in crime to get illegal funds into the formal system. This news related to Axis Bank took quite a lot of people....