HALISTER1: EFG Takes Over BSI After Serious Money Laundering Breach: Finma

EFG Takes Over BSI After Serious Money Laundering Breach: Finma

(Bloomberg) -- BSI has acted in serious breach of money laundering rules in connection with corruption allegation surrounding Malaysia’s 1MDB, Swiss financial regulator Finma says in statement.
  • Finma says it will seize BSI’s profits to the tune of CHF95m, start enforcement procedures against two responsible former bank employees
  • Finma says approves complete takeover of BSI by EFG on the condition that BSI will be full integrated and dissolved
  • Finma says BSI misconduct in relation to 1MDB was “particularly grave” as bank board and senior management made conscious and repeated decision to continue commercially attractive client relationships even after Finma had pointed out grave risks
Link to Statement:Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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