Finma sanctions Coutts over 1MDB-linked transactions; ordered to disgorge some $9.3 mil in profits

SINGAPORE (Feb 2): Finma, the Swiss financial market supervisory authority, says Coutts & Co had breached money laundering regulations after failing to carry out background checks on the business dealings and transactions of 1Malaysia Development Berhad (1MDB), Malaysia’s sovereign wealth fund.

At the same time, Finma has also ordered Coutts to disgorge the unlawfully generated profits amounting to CHF 6.5 million ($9.3 million), and is said to be mulling enforcement proceedings against the bank’s employees who were involved.

Coutts was the first Swiss bank to accept assets from the individuals associated with 1MDB.

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