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Falcon needs to make a profit of 2.5 million

Falcon Private Bank in Zurich, you must return the in connection with the Malaysian state Fund 1MDB unlawfully earned profits of 2.5 million francs to the Finm

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Falcon needs to make a profit of 2.5 million

Falcon Private Bank in Zurich, you must return the in connection with the Malaysian state Fund 1MDB unlawfully earned profits of 2.5 million francs to the Finma . This was decided by the Federal court.

The Swiss financial market Supervisory authority (Finma) had on 7. October 2016, the recovery of the Win, because the private Bank was in breach of regulatory provisions difficult. The Bank had not complied with the money laundering act arising from due diligence obligations and internal rules in this area failed.

The private Bank lodged an appeal against the Finma decision with a complaint to the Federal administrative court. They demanded the withdrawal of the 700'000 Swiss francs, because these had been made in direct connection with the violation of the regulatory provision.

No criminal character

The Federal administrative court allowed this deduction. The not, go was decided by the Federal court on Friday published judgment. For this, there is no legal basis.

the aim of the confiscation is not appropriate, the restoration of the order condition, so the violation of the provisions of lohne. The measure will have a purely administrative and not criminal in nature.

Falcon Private Bank had to close its branch in Singapore at the behest of the Central Bank in the autumn of 2016. In addition, it was imposed a fine of 3.1 million Swiss francs. (Judgment 2C_422/2018 from 20.03.2019)

(oli/sda)

Created: 12.04.2019, 12:01 PM

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