Coutts bank faces 1MDB probe
The British private bank, Coutts, is facing regulatory action from Swiss financial authorities for allegedly breaching money laundering regulations with its dealings with the Malaysian sovereign wealth fund, 1MDB.
Coutts is one of the oldest banks in the world and is said to be the bank of the British Royal family.
Swiss regulators say the bank is guilty of serious breaches of anti-laundering laws. The bank may have to pay back illegal profits of over CHF 6m.
Authorities say they may also take action against specific individuals working for the bank.