The Luxembourg division of Swiss private bank Edmond de Rothschild has been fined almost €9m by the local regulators over its involvement in the scandal-ridden Malaysian state fund 1Malaysia Development Berhad (1MDB).

Rothschild said that the fine “marks the end of the proceedings in which it has actively participated,” without divulging further details.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Swiss financial regulator FINMA is currently carrying out enforcement proceedings against Rothschild to ensure if the bank met anti money-laundering rules.

Formerly, several other Swiss banks have been embroiled in the 1MDB scandal. Last month, Monetary Authority of Singapore (MAS) fined Credit Suisse over 1MDB-linked transactions. In April 2017, FINMA sent a written reprimand to UBS over its connection with the scandal.

Earlier, Swiss banks BSI and Falcon Private Bank were stripped of their merchant banking status in Singapore for involvement in the scandal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.