June 22, 2017 / 10:05 AM / a month ago

Luxembourg fines private bank Rothschild 9 mln euros

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ZURICH, June 22 (Reuters) - Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild nearly 9 million euros ($10.1 million) for failing to take proper safeguards against money-laundering, the authorities and the bank said on Thursday.

A source familiar with the matter confirmed news reports that the case concerned its handling of funds linked to scandal-hit Malaysian investment fund 1MDB.

Paying the fine "marks the end of the proceeding in which it has actively participated", the bank said in a statement, noting it had taken measures to strengthen its compliance and risk control procedures.

$1 = 0.8953 euros Reporting by Oliver Hirt and Silke Koltrowitz; Editing by Michael Shields

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