Switzerland’s Federal Criminal Court has found the Zurich-based, Abu Dhabi-owned Falcon Private Bank guilty of money laundering.
The Court has levied a fine of CHF3.5 million ($3.8m) on the Bank for the lack of adequate AML controls. The Bank must also pay CHF7 million ($7.6m) in damages.
Meanwhile, the authorities acquitted a former CEO of the Bank who was accused of facilitating money laundering for a UAE-based businessman during 2012-16. This case is concerned with illicit proceeds of CHF219 million ($237.4m) obtained by selling shares of the UniCredit banking group. Notably, in May 2021, the bank had announced its closure after allegations of involvement in the Malaysian 1MDB fraud case.