EFG Private Bank has reached a settlement with the Financial Conduct Authority (FCA), which includes a fine of GBP4.2 million (US$6.43 million).
The fine is related to shortcomings in its anti-money laundering systems and controls in relation to high risk clients.
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The FSA found 17 customer files opened between December 2007 and January 2011 that contained due diligence, pointing towards significant money laundering risks but insufficient records of how the bank had solved those risk-related issues.
EFG Private Bank was also found to have inappropriately monitored its higher risk accounts..
The GBP4.2 million fine will not impact reported profit for 2013 as it was fully provided for in the 2012 results.
The Zurich-headquartered bank is a division of EFG International, and it has offices in the UK and across Europe and launched a UK-based asset management arm in 2011. According to EFG Private Bank, effective controls have been put in place to ensure compliance
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