Swiss Regulator Still Probing Three Banks Over 1MDB Role
- Finma CEO says private banks need more time to clean up past
- BSI, Falcon, Coutts already sanctioned over 1MDB affair
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Switzerland’s financial regulator said it’s still investigating three private banks in relation to alleged corruption and money laundering at the Malaysian government fund known as 1MDB. A probe of UBS Group AG in the matter was closed.
“There are still a handful of cases related to 1MDB that have not been concluded,” Mark Branson, chief executive officer of the regulator Finma, told reporters in Bern on Tuesday.