Singapore
Vontobel launches joint venture with Bank of Singapore
High net worth clients with the Bank of Singapore can now open an account with Zurich-headquartered with Vontobel following a joint venture between the two private banks.
Swiss regulator fines Coutts $6.6m for role in 1MDB scandal
Switzerland’s financial regulator has fined Coutts & Co, which counts the Queen among its clients, for violating money-laundering rules and illegally profiting from transactions associated with 1Malaysia Development Bhd (1MDB).
Singapore’s already delayed commission cap still not in place
Singapore’s 55% cap on commission payments “has still not been practically implemented” despite being due to come into force in January 2017, an industry source told International Adviser.
Old Mutual International appoints Singapore chief executive
Old Mutual International (OMI) has promoted Ian Kloss to chief executive of Singapore, replacing Steve Hickman who has decided to pursue opportunities outside the group.
Ex-Falcon Bank manager jailed in Singapore 1MDB probe
The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.