23 Jun 2016
Swiss bank BSI is appealing a decision by Swiss financial watchdog FINMA that BSI breached money laundering rules through its business relationships and transactions linked to a scandal-hit Malaysian government fund.
FINMA last month ordered BSI to hand over profits amounting to 95 million Swiss francs ($99.4 million) and to shut down once it has been integrated into EFG International, which is in the process of buying BSI.
1MDB is at the centre of a multi-billion-dollar graft scandal, and its transactions have triggered investigations on three continents.
In a statement on Thursday, Lugano-based BSI said it had taken its appeal to the Swiss Federal Administrative Court, arguing that the FINMA procedure was “flawed in many respects and FINMA’s decision as such is disproportionate and incorrect”.
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