June 22, 2017 / 11:50 AM / 7 months ago

Swiss watchdog FINMA conducts proceedings against Rothschild

ZURICH, June 22 (Reuters) - Swiss watchdog FINMA is conducting enforcement proceedings against Bank Edmond de Rothschild to determine whether it had fulfilled anti-money-laundering standards, FINMA said on Thursday after the Swiss private bank’s Luxembourg arm was linked to scandal-hit Malaysian fund 1MDB.

The local arm of the private bank was fined nearly 9 million euros ($10.1 million) by Luxembourg authorities for failing to take proper safeguards against money-laundering, and a source said the fine was linked to 1MDB.

“We know of the case and are in contact with (Luxembourg watchdog) CSSF. We cannot comment on the context of the case,” FINMA spokesman Tobias Lux said in an emailed statement.

Reporting by Oliver Hirt and Silke Koltrowitz, Editing by Michael Shields

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