Pursuits
Swiss Bank BSI Appeals $100 Million Penalty Over 1MDB Links
- BSI calls Swiss finance regulator Finma’s finding ‘flawed’
- Finma said BSI had violated anti-money laundering rules
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Private bank BSI, which is being acquired by EFG International AG, is challenging a 95 million Swiss franc ($100 million) penalty issued by Switzerland’s financial regulator over the lender’s ties to 1Malaysia Development Bhd.
“BSI believes that Finma’s procedure leading to the decision was flawed in many respects and Finma’s decision as such is disproportionate and incorrect,” the Lugano, Switzerland-based company said in e-mailed statement on Thursday, after lodging an appeal with the country’s Federal Administrative Court.