EFG Private Bank hit by FCA’s first fine

moneymousetrap

EFG Private Bank has been fined £4.2 million for failures in its anti-money laundering (AML) controls, the first monetary penalty imposed by the new Financial Conduct Authority (FCA).

The UK arm of Swiss bank EFG International had serious failings in its AML controls which lasted for more than three years, the FCA found.

While the investigation was instigated in 2011 by the Financial Services Authority (FSA), Malcolm Taylor, global head of corporate development at data and software provider

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: