The Luxembourg division of Swiss private bank Edmond de Rothschild has been fined almost €9m by the local regulators over its involvement in the scandal-ridden Malaysian state fund 1Malaysia Development Berhad (1MDB).
Rothschild said that the fine “marks the end of the proceedings in which it has actively participated,” without divulging further details.
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Swiss financial regulator FINMA is currently carrying out enforcement proceedings against Rothschild to ensure if the bank met anti money-laundering rules.
Formerly, several other Swiss banks have been embroiled in the 1MDB scandal. Last month, Monetary Authority of Singapore (MAS) fined Credit Suisse over 1MDB-linked transactions. In April 2017, FINMA sent a written reprimand to UBS over its connection with the scandal.
Earlier, Swiss banks BSI and Falcon Private Bank were stripped of their merchant banking status in Singapore for involvement in the scandal.
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By GlobalData
