BSI has taken a jab at Swiss regulator, FINMA, labelling the watchdog’s procedures “flawed in many respects” and appealing its CHF95 million (US$96.3 million) fine for breaches relating to embroiled Malaysian sovereign wealth fund, 1MDB. In a media release, the Lugano-headquartered bank said that FINMA’s decision to fine BSI was “disproportionate and incorrect”. BSI is grounding its appeal on the basis that it has been in continuous…
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