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Swiss bank UBS has received a written reprimand from Finma, Switzerland’s financial regulator, over its role in the scandal surrounding Malaysia’s 1MDB state investment bank.

The move followed a fine imposed on UBS last October by Singapore’s monetary authority for 1MDB-linked rule breaches.

In a statement late on Tuesday, Finma said it had found no “systemic, severe” violations of rules by UBS but said the background to a significant business relationship and subsequent transactions had not been checked properly in Singapore. Its reprimand was part of its oversight of checks against money laundering. UBS had no comment.

The written warning followed sanctions ordered by Finma in 2016 and earlier this year against three other banks – BSI, Falcon Private Bank, and Coutts. Finma said three other cases remained open, without giving details.

Copyright The Financial Times Limited 2017. All rights reserved.
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