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RBS under probe over certain Coutts accounts


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RBS under probe over certain Coutts accounts

Swiss financial regulator Finma launched an regarding certain clientaccounts held with Royal Bank ofScotland Group Plc's former Swiss private banking arm, Coutts &Co. Ltd.

RBS said April 29 in its earnings report that it is"also cooperating with authorities in other jurisdictions in relation toconnected accounts."

The Finma probe concerns Malaysian state investment firm1Malaysia Development Bhd., which is embroiled in a corruption and politicalscandal in the Asian country, the FinancialTimes reported the same day, citing "two people familiar with thematter."

The probe is related to client accounts held with Couttsbefore the latter was sold to Union Bancaire Privée UBP SA.

According to people familiar with the situation, 1MDB madetwo payments amounting to $860 million to Good Star, an account in Coutts'Zurich branch, between September 2009 and September 2010, the FT noted.

Finma said four financial groups are in relation to 1MDB,but it declined to identify them, the paper added.