Rothschild Bank in ‘serious breach’ of AML rules over 1MDB, says Swiss regulator

Rothschild Bank AG and its subsidiary Rothschild Trust (Schweiz) AG were in “serious breach of Swiss anti-money laundering rules” over their business relationships and transactions relating to the 1MDB Malaysian sovereign wealth fund, the subject of alleged large-scale embezzlement, according to FINMA, the Swiss financial markets regulator. Failings were found in customer due diligence, reporting and record-keeping.