Watchdog says about 15 Swiss banks in money laundering 'red zone': report

Vienna

ROUGHLY 15 Swiss banks are in a "red zone" of lenders particularly exposed to money laundering risks, the head of Swiss banking watchdog FINMA said in a newspaper interview published on Sunday.

Swiss federal prosecutors last week said that they have opened criminal proceedings against Zurich- based Falcon Private Bank for alleged failure to prevent suspected money laundering linked to Malaysia's scandal-tainted 1MDB fund.