The logo of Swiss bank BSI is seen at a branch office in Zurich, Switzerland May 24, 2016. REUTERS/Arnd Wiegmann
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Swiss financial regulators approved Tuesday the dissolution of Lugano-based BSI Bank over its links to a corruption scandal engulfing Malaysia's Prime Minister Najib Razak.Swiss supervisor FINMA accused BSI, a merchant bank, of "serious breaches" of money-laundering regulations in its dealings with the Malaysian sovereign wealth fund 1MDB, which is at the heart of the corruption allegations.The Swiss banking regulator found that BSI had failed to identify possible money-laundering over a four-year period until April 2015, especially when dealing with "politically exposed persons" whose dubious transactions involving hundreds of millions of dollars were not satisfactorily scrutinized.Singapore's central bank, which is working with the Swiss authorities in its investigations, said Tuesday that it was kicking out BSI.The Singapore central bank said it had asked state prosecutors to investigate six senior executives of BSI Bank for possible criminal offences and fined it Sg$ 13.3 million ($9.6 million) for 41 breaches of Singapore's laws against money laundering.
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