HALISTER1: Swiss Financial Regulator Sanctions Coutts Over 1MDB Breaches

Swiss Financial Regulator Sanctions Coutts Over 1MDB Breaches

(Bloomberg) -- Coutts has “seriously breached money laundering regulations by failing to carry out adequate background checks into business relations and transactions” in connection with Malaysian sovereign wealth fund 1MDB, Swiss Financial Market Supervisory Authority (FINMA) says in a statement.
  • FINMA says it ordered the bank to “disgorge unlawfully generated profits” of CHF6.5m
  • Says it will consider opening enforcement proceedings against bank employees that were responsible
  • NOTE: Oct. 11: Swiss Regulators Target UBS, Falcon Bank in 1MDB Crackdown
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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