1MDB breaches: Coutts ordered to pay by Swiss watchdog
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Zurich
PRIVATE bank Coutts & Co Ltd was ordered to pay 6.5 million Swiss francs (S$9.3 million) by Swiss watchdog Finma on Thursday for breaching money laundering regulations in its relationships with scandal-tainted Malaysian sovereign wealth fund 1MDB.
"The bank failed to adequately clarify the circumstances surrounding a number of business relationships and unusually large, high-risk transactions," Finma said in a statement.
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