Luxembourg Fines Private Bank Rothschild 9 Million Euros

Finance | June 22, 2017, Thursday // 14:02|  views

Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild nearly 9 million euros (.1 million) for failing to take proper safeguards against money-laundering, the authorities and the bank said on Thursday, cited by Reuters.
A source familiar with the matter confirmed news reports that the case concerned its handling of funds linked to scandal-hit Malaysian investment fund 1MDB.
Paying the fine "marks the end of the proceeding in which it has actively participated", the bank said in a statement, noting it had taken measures to strengthen its compliance and risk control procedures./ FOCUS News Agency/

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Tags: Swiss private bank, Luxembourg


» Related Articles: