Authorities in Luxembourg searched the offices of EFG Bank Luxembourg as part of an ongoing investigation initiated in 2025.
The probe, led by judicial officials in the Grand Duchy, is focused on suspected money laundering activities and failures in anti-terrorism financing controls, according to Luxembourg-based news portal Paperjam.lu.
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Reports indicate that the subsidiary of the Swiss banking group is under scrutiny for insufficient vigilance over client activities, organisational weaknesses, and not meeting obligations to work with authorities.
This information was confirmed by a spokesperson to the L’essentiel newspaper.
During the operation, 24 police officers from specialised units and two members of the public prosecutor’s office carried out searches and seized materials relevant to the case.
The local prosecutor’s office stated that investigators are examining allegations of “lack of customer due diligence, inadequate internal organisation, and failure to cooperate with the authorities.” The inquiry is in its early stages and all parties are presumed innocent while it continues.
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By GlobalDataThe prosecutor’s office spokesperson added: “We reiterate the principle of the presumption of innocence, as the preliminary investigation is conducted both for and against the parties involved.”
EFG Bank Luxembourg mainly provides wealth management services to wealthy individuals and institutional clients. It is also active in cross-border financial operations within the European Union.
EFG acknowledged that officials visited its Luxembourg site, stating: “We are fully cooperating with the authorities in this preliminary investigation. EFG is committed to maintaining a robust and effective risk and compliance framework and to fully comply with all applicable laws and regulations.”
The judicial process remains in progress.
EFG International posted a net profit of SFr325.2m ($420.5m) for 2025, up 1% year over year, with the performance tempered by a litigation provision involving Kuwait’s public pension fund.
The firm posted revenues of SFr1.67bn, with a steady revenue margin of 98 basis points for the year.
The firm’s assets under management (AuM) reached SFr185bn at the end of 2025, up 12% compared to the end of 2024.
