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/
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