Home 2017 Coutts & Co Ltd Fined for Violating Money Laundering Rules

Coutts & Co Ltd Fined for Violating Money Laundering Rules

Feb 3, 2017

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Coutts & Co Ltd Fined for Violating Money Laundering Rules

Switerzland’s financial regulator has fined Coutts & Co Ltd for violating money laundering rules and profiting from transactions associated with 1MDB. The prosecutors in Switzerland are now deciding if the bank should face a criminal investigation.

The Swiss Financial Market Supervisory Authority has demanded the bank to pay back CHF 6.5 million in unlawfully generated profits from the transactions. Finma is also considering proceedings against Coutts employees in charge for the bank’s actions.

News Source: Bloomberg

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About Coutts & Co

Coutts is a private bank and wealth manager founded in 1692. It is the seventh oldest bank in the world. Throughout the 20th century, Coutts opened more branches and significantly extended its regional footprint. In 1963, Coutts became the first British bank to use a fully computerised accounting system. In 1987, Coutts gained international representation by establishing its operations in Geneva. In October 1990, to strengthen their representation internationally, Coutts and NatWest merged their existing subsidiaries (which included Handelsbank) to create the Coutts Group. The acquisition of the NatWest Group in 2000 established Coutts as the private banking arm of The Royal Bank of Scotland.

Origin: London, United Kingdom
Employees: 2,000

Official Website: www.coutts.com

News & Media: Press Release

Updated on 8th August 2016

Managing $20 million to $3 billion. Investing $3 million to $300 million.
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