FINMA sanctions Coutts for 1MDB breaches

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February 2 2017

Coutts & Co Ltd has seriously breached money laundering regulations by failing to carry out adequate background checks into business relationships and transactions associated with Malaysian sovereign wealth fund 1MDB. The Swiss Financial Market Supervisory Authority FINMA has ordered the bank to disgorge unlawfully generated profits of CHF 6.5 million. FINMA will also consider opening enforcement proceedings against the bank employees responsible.