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Swiss Bank Edmond de Rothschild fined in 1MDB money laundering case

This case has triggered money-laundering probes in Switzerland, Singapore, US among other countries

Reuters  |  Zurich 

Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild for its handling of funds linked to scandal-hit Malaysian investment fund 1MDB, a source familiar with the matter said on Thursday. The authorities and the bank confirmed Edmond de Rothschild had been fined nearly 9 million euros ($10.1 million) for failing to take proper safeguards against money laundering. They did not comment on news reports that the case concerned 1MDB. Paying the fine "marks the end of the proceeding in which it has actively participated", the bank said in a ...

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First Published: Thu, June 22 2017. 19:50 IST