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
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
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit