thewealthnet

Regulator penalty against Swiss private bank 'incomprehensible', court finds

News Team, 04/12/2019

The Swiss courts have described the amount seized by the country’s regulator from one of its private banks as “incomprehensible” and has ordered the case be reopened.

Swiss regulator FINMA in 2016 confiscated CHF 95 million from Banca della Svizzera Italiana (BSI), following supervisory breaches on the bank’s behalf relating to the 1MDB scandal.

“Between 2011 and 2015, BSI repeatedly breached the Anti-Money Laundering Act and the Banking Act as well as corresponding ordinances,” the Swiss Federal Administrative Court said in a statement released yesterday (3 December).

“It committed serious viola...


Continue reading this article...


Start a free trial now for access to breaking news and cutting edge analysis of the wealth management industry.







You are currently not logged in,
login to view the full article
start by clicking this button.





Need a subscription,
fill out the form here or
contact subs@thewealthnet.com


Main News Headlines

30/04/2024

Coutts boosts investment management offering with JP Morgan partnership

30/04/2024

Brooks Macdonald partners with athlete wellness charity

30/04/2024

PIMFA outlines 'serious concerns' with FCA enforcement proposals

30/04/2024

Jersey-based consultancy appoints client director

30/04/2024

Challenging period doesn't stop FUM growth at SJP

Show all

About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscriber services

thewealthnet is designed to meet the information needs of those involved in the creation and preservation of private wealth.