01 Apr 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period.
The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance and prudent risk management when managing the bank.
It also found the former CEO had failed to safeguard measures against money laundering and financing terrorism. In 2017, two years after Ambroisien had stepped down, Edmond de Rothschild was fined almost €9 million by the CSSF for not applying rules aimed at fighting money laundering and hindering terrorism financing.
The bank said in its 2017 annual report that it had paid the fine after the CSSF had notified it of a possible fraud involving former Malaysia Prime Minister Najib Razak’s 1MDB investment fund. It said the fine had ended the legal proceedings in which it had “actively collaborated”.
By Zuzanna Reda-Jakima, Luxembourg Times, 31 March 2020
Read more at Luxembourg Times
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet