Financial authorities have fined the Geneva based Mirabaud Bank and confiscated some profits after it was determined they didn’t report suspicious money transfers which could be linked to laundering or tax evasion.
Prosecutors opened an investigation five years ago.
The bank’s been fined a CHF 1m and the profits from the transaction, CHF 12m, have been confiscated.
In addition, some managers have been fined as much as CHF 250,000 each.
The bank says there was no tax fraud, and it did report the transaction – but admits it was too late.
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