ZURICH, June 22 (Reuters) - Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild nearly 9 million euros ($10.1 million) for failing to take proper safeguards against money-laundering, the authorities and the bank said on Thursday.
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.
($1 = 0.8953 euros)
(Reporting by Oliver Hirt and Silke Koltrowitz; Editing by Michael Shields) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;))
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.
($1 = 0.8953 euros)
(Reporting by Oliver Hirt and Silke Koltrowitz; Editing by Michael Shields) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;))
