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FINMA slams Coutts for serious AML breaches

Mandatory Credit: Photo by REX (1128654t) Man walks past a branch of Coutts Bank in London Various

Enforcement proceedings brought by the Swiss Financial Market Supervisory Authority (FINMA) against Coutts have concluded, with the Swiss regulator revealing multiple regulatory breaches in the private bank’s dealings with Malaysia sovereign fund, 1MDB. In a media release, FINMA said that it has uncovered “serious deficiencies in [Coutts’] anti-money laundering processes for business relationships and transactions” linked to 1MDB and has instructed Coutts…

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