A series of regulatory probes of BSI has resulted in a mass withdrawal of billions of dollars by clients. The German regulator said it had received more than 100 complaints from clients who have been affected and that the number was expected to rise. The bank is currently appealing against a decision by Swiss financial watchdog Finma, which alleges that the bank breached money laundering rules. To further compound its problems, the Monetary Authority of Singapore stripped BSI of its merchant bank licence due to poor management, breach of anti-money laundering regulations and gross misconduct. BSI is currently being acquired by the Zurich-based private bank EFG International.
A series of regulatory probes of BSI has resulted in a mass withdrawal of billions of dollars by clients. Around CHF6.3bn ($6.5bn) have been withdrawn in the last three months due to accusations of money laundering and the bank's link to Malaysia's 1MDB. The bank is currently appealing against a decision by Swiss financial watchdog Finma, which alleges that the bank breached money laundering rules. To further compound its problems, the Monetary Authority of Singapore stripped BSI of its merchant bank licence due to poor management, breach of anti-money laundering regulations and gross misconduct. BSI is currently being acquired by the Zurich-based private bank EFG International.