On March 08, 2024, the Office of the Attorney General of Switzerland (OAG) imposed a fine of CHF 4.5 million (USD 5.11 million) on BSI Bank for recurrent violations of money laundering regulations.
BSI Bank, formerly known as Banca Svizzera Italiana, maintains a significant presence in Switzerland’s private banking sector. In 2016, it was acquired by the EFG International banking group. BSI was implicated in the money laundering scandal related to the Malaysian sovereign wealth fund 1MDB.
Between August 2010 and June 2014, BSI failed to fully implement the organizational measures necessary to prevent recurring and serious money laundering offenses, resulting in the imposed penalty
