Fine of 4.5 million francs: Bank BSI convicted of money laundering by the Federal Prosecutor’s Office

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A Ticino bank has been fined millions of euros in the corruption scandal surrounding Malaysia’s sovereign wealth fund 1MDB. The Federal Prosecutor’s Office (BA) found BSI bank guilty of serious violations of money laundering rules. Two subsidiaries of the fund objected to the penalty decision. The Federal Criminal Court must now handle the case.

The federal prosecutor’s office confirmed an article about the 1MDB case sent to the Keystone-SDA news agency from the online news site Gotham City on Thursday. The agency’s investigation showed that BSI failed to take all necessary organizational measures to prevent repeated and serious money laundering from August 2010 to June 2014, the Federal Prosecutor’s Office said in the report.

Bank BSI accepts 4.5 million franc penalty

According to the decision made on January 11, after a six-year investigation, the Federal Prosecutor’s Office fined BSI bank 4.5 million francs. Unlike the two 1MDB subsidiaries, BSI accepted the decision, as noted in the Gotham City report. The violation of money laundering rules was committed by several employees of the bank, most notably two employees based in its Singapore office.

Ticino bank BSI (formerly Banca Svizzera Italiana) was acquired by the EFG International banking group in 2016. (SDA)

Source :Blick