Singapore's financial watchdog has reportedly sanctioned the Swiss private bank as part of the ongoing scandal surrounding Malaysian state-run fund 1MDB.

Singapore's financial regulator has blocked Falcon Private Bank from taking on new business in the city-state, Swiss newspaper Finanz und Wirtschaft reported.

Falcon could not immediately be reached for comment and the Monetary Authority of Singapore declined to comment on the matter.

Last month, MAS revealed Singaporean authorities had found “control failings” and other shortcomings at Falcon, DBS, Standard Chartered and UBS in their investigations into possible laundering of money connected to 1MDB, the Malaysian state-run fund. MAS said authorities had seized S$240 million ($177 million) of assets.

Falcon has previously said it is co-operating with Singaporean authorities.

Last week, the Financial Times reported that Swiss authorities are probing Khadem al-Qubaisi, the former head of Abu Dhabi's International Petroleum Investment Company, over an alleged plot to misappropriate more than $1 billion of 1MDB funds. IPIC owns Falcon Private Bank.

Politicians and other figures are accused of diverting millions of dollars intended for 1MDB, which was launched in 2009 with the stated aim of boosting the Malaysian economy, for personal use. Authorities in the US, Switzerland, Luxembourg and Singapore have been investigating the allegations.