The investigation is the seventh and last undertaken by Finma into 1MDB. — Picture by Yusof Mat Isa

ZURICH, July 20 — Rothschild Bank AG and one of its subsidiaries committed serious violations of anti-money laundering rules in relation to 1MDB, the Malaysian sovereign wealth fund, Switzerland’s financial regulator said today.

The regulator, Finma, said in a statement it was nonetheless closing its probe into Rothschild. It will review the steps the institution has taken to tighten up its procedures.

Rothschild Bank AG said it noted the regulator’s comments and regretted the breaches that occurred.

“We constantly strengthen our systems and procedures and are determined to continue to do so to identify and combat the increasingly sophisticated financial crime faced by the industry,” the bank said in a statement.

The investigation is the seventh and last undertaken by Finma into 1MDB. Malaysia’s former prime minister Datuk Seri Najib Razak, has been charged with abuse of power and breach of trust in a graft probe into the fund, which he set up. He has pleaded not guilty and denied wrongdoing.

Rothschild Bank AG is part of Paris-listed Rothschild & Co. — Reuters