Morgan Stanley fined CHF1 million for money laundering
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Listening: Morgan Stanley fined CHF1 million for money laundering
US investment bank Morgan Stanley must pay a fine of CHF1 million ($1.1 million) in Switzerland. A client adviser at the bank had engaged in qualified money laundering in 2010, the Office of the Attorney General of Switzerland (OAG) said on Thursday.
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Bank Morgan Stanley muss Millionenstrafe in der Schweiz zahlen
Original
The OAG found that the bank had not taken all necessary and reasonable organisational precautions to prevent the client adviser from engaging in qualified money laundering.
This was done with assets that originally came from acts of bribery in Greece, it continued. With the fine imposed, the OAG has closed the case.
The bank has waived its right to appeal against the decision, which is why it is legally binding.
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