Luxembourg Fines Private Bank Rothschild 9 Million Euros
Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild nearly 9 million euros (.1 million) for failing to take proper safeguards against money-laundering, the authorities and the bank said on Thursday, cited by Reuters.
A source familiar with the matter confirmed news reports that the case concerned its handling of funds linked to scandal-hit Malaysian investment fund 1MDB.
Paying the fine "marks the end of the proceeding in which it has actively participated", the bank said in a statement, noting it had taken measures to strengthen its compliance and risk control procedures./ FOCUS News Agency/
- » Bitcoin Hits New Record High, Breaking $8,000 For the First Time
- » Bitcoin Hit an All-Time High Just Below $8,000
- » Proposal: BGN 510 Min Salary From January
- » The CPC Fined the Bulgarian Stock Exchange with 1775 BGN for Unfair Competition
- » Bulgaria's GDP Growth Accelerates to 3.9% in Q3 2017
- » 0.6% Monthly Inflation For October 2017