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Swiss finance watchdog says banks involved with 1MDB, Petrobas lacked measures to fight money laundering

( April 8, 2016, 08:04 GMT | Official Statement) -- MLex Summary: The Swiss Financial Market Supervisory Authority, or Finma, has found solid indications that some of the banks involved with Malaysian sovereign fund 1Malaysia Development Berhad, or 1MDB, and Brazilian fuel firm Petrobras were lacking when it came to taking appropriate measures to combat money laundering, according to a speech given by its chief executive, Mark Branson. Branson said the agency had carried out investigations of more than 20 banks in connection with the two firms and had also opened seven enforcement proceedings against institutions, and that fund flows linked to the two companies clearly involved corruption. He also said some institutions had too big a risk appetite, taking wealthy clients whose backgrounds were unclear and carrying out transactions for them even though the motives were uncertain. The institutions also charged excessively high fees for their services.Mark Branson's speech is attached....

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