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Rothschild Bank caught up in money-laundering scandal

Rothschild Bank caught up in money-laundering scandal

Switzerland’s financial regulator has accused Rothschild Bank AG and its trust subsidiary of violating anti-money laundering law in relation to 1MDB, the troubled Malaysian sovereign wealth fund.

According to the regulator, both Rothschild Bank AG and Rothschild Trust AG failed to check where assets from a client came from. The firms reportedly disregarded signs that the funds could be connected to money-laundering and took the money anyway. The companies run by the Rothschild family are also accused of reporting on the issue too late.

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